Time to reinvent your business?

It’s been said “never waste a good crisis.”  Most business owners who have been enduring the unexpected impacts of the COVID-19 pandemic would probably agree:  as far as crises go, this has been a pretty good one.

“Good” may not be accurate. For some, words like “devastating”, “ruinous” or “bankrupting” might be better descriptors.  To be sure, the pandemic and its economic consequences didn’t bring much good to anyone – unless you were in the toilet paper or hand sanitizer business – but what it did bring was the opportunity (and for many, ample free time) to take a good look inward and reflect -- on our lives, our careers and our businesses.

If you run a business, it’s certainly the right time to take a second look at what you’ve been doing and decide if you can – or should – keep doing it.  Whether your business is currently open, getting ready to re-open or shut down for good, some reinvention may be in order in this new, post-pandemic world. 

To get those thoughts rolling, here are a few book suggestions:

The Optimization Edge: Reinventing Decision Making to Maximize your Company’s Assets – Steve Sashihara

Author Sashihara takes a look at why, on a level playing field, some companies downsize while others keep growing. The book talks about how to approach your decision making in a way that optimizes your assets and gets the most value from your company – under any conditions. Sashihara presents step-by-step best practices and tools to help you stay ahead of the competition, even during a downturn. 

Reinventing the Organization: How Companies can Deliver Radically Greater Value in Fast-Changing Markets – Arthur Yeung, David Ulrich

Markets change quickly. To keep pace and stay competitive, businesses need to change at least as rapidly. Yeung and Ulrich use their in-depth research into some of the world’s most successful organizations – including Amazon, Facebook and Google – to help readers build an organization that responds to changing market opportunities with both speed and scale. The book includes a six-step framework to help with all decisions leaders need to make in these shaky times. 

Business Model Renewal:  How to Grow and Prosper by Defying Best Practices and Reinventing your Strategy – Linda Gorchels

When the global market is constantly changing, one-size fits all solutions don’t work. Author Gorchels argues that these days, even best practices can go out the window along with the phrases, “business as usual” and “tried and true”.  The book is not just about renewing your business model, it’s about reinventing it – by re-evaluating your methods, rethinking your strategies and broadening your perspectives. There is no crystal ball, but there is a way you can be ready for (practically) anything. 

What Happens Now: Reinvent Yourself as a Leader Before Your Business Outruns You – John Hillen and Mark Nevins

What happens when your organization changes faster than you do?  Many leaders change everything around them – hire new staff or put in new reporting structures, for example, while others do things the same way they’ve always done them, only more so.  What Happens Now is the leaders’ guide to changing their own behaviours and skills so they can successfully drive the new ship. The authors share stories from dozens of leaders who have faced the need to change or (figuratively) die, and have come out the other side a stronger person, a superior leader and with the tools they need to adapt – and lead – in ever-evolving situations. 

Good Leaders Ask Great Questions – Your Foundation for Successful Leadership – John C. Maxwell

John C. Maxwell is an acclaimed leadership authority and has acquired much of his knowledge on the subject by asking questions. He’s used what he’s learned to inspire millions of people through books including Leadership 101, What Every Leader Needs to Know and No Limits Blow Your Capacity. In this book, his readers get to ask their questions. With 70 plus questions answered, the book will show you how to be a better leader and how to ask the questions that will keep you at the top of your game – even in a crisis.

More Articles