Springtime renovations aren’t just reserved for homeowners. If anything, entrepreneurs and CEOs have an even greater obligation to renovate their business strategy in order to beat their competition. So, just as homeowners want to keep up with current design trends and routine maintenance, you need to revamp your business strategy to stay on your industry’s leading edge.

Doing so is easier said than done, however. Updating your business strategy requires a bit of preparation, as well as an acute understanding of how each innovation will impact your organization as a whole.

Check industry trends when developing your renovations blueprint. Renovating your business involves more than just changing the look of a few offices. It’s about reinventing yourself to appeal to your customers. The first step, then, is to learn how your customers’ needs are evolving so you can determine in what direction to take your innovations.

Trade journals, consumer magazines and discussion boards are all great resources for staying up to date with what’s current in your industry. Alternatively, you could catch up with colleagues or attend a conference to get a firsthand look at what your organization may be missing. Basically, take any opportunity to get an update on your industry’s trends before you map out all of your desired changes.

Once you’ve made sure you’re up to speed, deciding what changes to make and how to make them is where the real work begins. Consider these tips as you develop your springtime business renovations blueprint:

• Before wielding your sledgehammer, get a whole-house view.
• Renovations are fun, but don’t forget about routine maintenance.
• Consult the experts, but don’t hand over the house keys.

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Source: Entrepreneur

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ABOUT MIKE MERCURIO

Mike Mercurio | mmercurio@offitkurman.com | 301-575-0332 | Biz Tek Today

Mr. Mercurio is a Principal and the Chair of the Firm’s Business Law and Transactions Practice Group. He serves as outside general counsel to clients on matters related to corporate and business law, commercial transactions, government contracting, health care, construction services, and real estate. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on all aspects of business and commerce including formation and structure; ownership, management and control; financing and capital; expansion and acquisition; sale and transfer; and contraction and dissolution.

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