Change

Time to Revamp Your Old Family Business

The main change begins with the mindset and one needs to have a very progressive approach
Time to Revamp Your Old Family Business
Image credit: graphicstock
Guest Writer
CEO & Founder, Daiwa TV
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Yes, evolution is inevitable and Change is Good. If your business runs in the same age-old method like it did during your grandfathers’ time; then stagnant growth is inevitable — need we say more?

It’s not a bad idea to rebrand your business and blend it with the needs and likes of the generation it shall cater to, but is surely a bad idea to repackage the same thoughts and approach and expect it to create ripples in the market. Whether it’s a complete makeover or just minor amendments to fit the bill, every company does have to go through the transition.

Listed below are seven suggestions to keep in mind before you take the big plunge and change in your business –

1. Change in Thoughts Not Just in Action

Yes, the main change here begins with the mindset. One needs to have a very progressive approach to the subject. Be willing to let go things which you felt were correct, and now have no relevance. The first step is the most difficult and crucial – even though you tasted success then.The formula won’t do its magic now. Be ready for the Big Change!

2. Know your Objectives

Yes, so you accepted the fact that your brand needs the change – the big revamp….but does it answer Why? What’s the reason for you to walk in that direction? Be very clear on the end result and objectives to achieve so as to determine your mission

3. Networking with the People

It’s always good to study and think from consumer’s perspective. Ask your employees, associates and business partners as to what their suggestions are? Many a time, the insights, which a third party would bring to you, would not be seen with your own sight. The market study could also check on things, which are liked/not liked about your brand/offerings. Also, when you are ready for the big change, do take a check if the industry is aligned to your thoughts.

4. Bring the Differentiation

Every category has got its own set of competitors and watch dog to look for. Don’t forget the main purpose behind this mission is to not blend in with the industry but to stand apart with the change. Also, when building the new communication touch base on the brand image you want to build or create. Make a careful note of the colors/styles used to communicate about you. P.S: Don’t get involved with superstition in colors, your positive energy shall bring the positive mind set to business.

5. Know Your Consumers

Yes, at one point of time you did the best sales with most loyal consumers and had the dominance. But now the same base is non-reactive – Action steps? It’s time to now expand your horizon and also the product base. The reason of the revamp …is to let your audience take notice. Also one should target the wider base and not just niche categories that shall boost sales too.

It’s time to dig deeper, and create the action plan — start with a simple pen and paper, listing down your own SWOT and also timelines to your project. Last but not the least, indeed change is good, but only when done at the right time and period.

P.S: Be Bold, and take the Plunge, it might bring multiple challenges and hurdles but you shall find the sweet SPOT of your business.

More from Entrepreneur

Grow Your Business at Entrepreneur LIVE! Join us on Nov. 16 in Brooklyn, NY, to learn from legends like Danica Patrick and Maria Sharapova, pitch our editors, meet with investors, and potentially walk away with funding!
Register here

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.