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Risky Business: Strategy for Success

Category: Business Strategy

Taking the risk to innovate, change, rebrand or reinvent could be a successful business strategy that really pays off.

Man on Limb to illustrate Risky Business

by Martha Spelman

If you’re doing business the way you’ve always done it, you may be, in fact, putting yourself out of business.

Periodically, it could be beneficial to take a look at the products or services you offer, the way you handle operations, how you market your business…and see if it might be time to make some changes.

Company owners or managers often only make changes when they see a fall-off in business, competitors taking a larger market share, staff leaving or the bank calling. By then it’s often too late to resuscitate the business.

A business, to survive, needs to periodically take risks…to go out on a limb. Be willing to research what others are doing, pay attention when customers ask for something new, focus on possibilities to innovate, recognize where other opportunities may lie. In other words, adopt a revolutionary business strategy.

No businesses are immune from critique. Perhaps that’s why more and more companies are turning to outside sources for guidance and advice? For example, Porte Brown offers business consultancy and can offer professional advice on business strategy and development. There are other ways as well though. Technical solutions that rely on corporate performance management software for example, are now widely available. These intelligent platforms are able to meet a need, quickly assessing and identifying ways a business can be streamlined and made more productive.

It is however important to reflect on the mistakes of the past too. When the recession hit in 2008, many people (and businesses) thought it was an economic “blip” that would end soon enough and before too long, everything would return to “normal.” But for many companies, both big and small, things would never be the same. Gone are the days of 30-year careers at the same company, big-time perks are hard to come by, access to technology has leveled the playing field, startups and entrepreneurs seem to be the way of the future. Many that risked reinvention have come out ahead.

Taking a risk, making changes, and even gambling on an outcome, can be scary. It’s a venture into the unknown – launching a new business strategy requires learning, experimenting, making tough choices, hard decisions and potentially sizeable investments of time and money.

Whether your business creates a new product, offers different services, undertakes a creative marketing strategy or rebranding, restructures the organization, implements a first-time sales incentive program, merges or acquires… it could be time to shake things up. Odds are good that the risk will be worth the reward.

Has your company changed up its business strategy? Would love to hear the results of your risky business moves (comment below).

Are you willing to take a risk? Contact Martha. Martha Spelman is a Los Angeles-based branding and marketing expert. She works with startups and small- to mid-size businesses and is the author of The Cure for Blogophobia: How to Easily Create, Publish & Promote Your Business Blog.

ABOUT THE AUTHOR

Martha Spelman is a Los Angeles-based branding and marketing expert and the co-founder of Packbands silicone storage and organization straps. Martha is the author of The Cure for Blogophobia: How to Easily Create, Publish & Promote Your Business Blog. Click to connect on LinkedIn, Twitter and Facebook.

To find out more about Packbands, visit the Packbands website. Martha can be reached directly at: 310.266.6992 or martha@marthaspelman.com