Now that word’s out about the importance of advertising in a downturn, here comes a reminder that while promotion is good for your existing business, you also need to renew the business itself.
Redesigning your company, however, is hard.
That’s what Robert Kiyosaki tried to do. The father of the Rich Dad business books series started by working with his team to redefine their customer base and recast the business to serve their new customers.
What he found out:
Rebuilding a business is harder than hiring more people and buying more media. It’s harder than putting new paint and tires on a Model T—it’s more like melting down the Model T and creating a whole new car.
“Before we could upgrade our thinking,” Kiyosaki says, “we had to melt down old ideas and old ways of doing things.”
Kiyosaki realized that if his company was going to change, he’d have to change, so the meltdown started with three questions:
1. What was he afraid of?
2. What was he not saying?
3. What could he do better for his customers?
On weekends, he’d sit for hours going over the questions, writing down his thoughts, changing his mind and starting again. Sometimes it took all day. Eventually, he overhauled his actions, himself and his company.
— Adapted from “You can rebuild it,” Robert Kiyosaki, Entrepreneur.