Renewing a current successful business

[DariusCool]

Evening,

Who would one approach to restructure a current successfull business in order to modernise and stay competitive...

A new business model for a changing competitive environment...

 

[Ozzy]

Typically, if it were me, I'd recruit one or two Non-Exec Directors into the company with skills in your service industry. There are many consultants who claim to do this, and you can engage some, but that would be my first starting point.
I'd also undertake a competitor research exercise to see how you main competitors are operating

 

[Socio South West]

I was faced with the same question about ten years ago with my own company.

At the time I was mid 50's, putting increasing time into ageing parents and their care and decided I didn't have the energy or time to do any more than keep day to day operations running in their rapidly ageing manner.

I sold the company and started again in another field.

 

[Mark T Jones]

Obviously it depends on many things.

There are businesses (sole traders to big corps) who specialise in exactly this. Finding the 'right' one is a challenge in itself.

In truth if you put anyone in your seat for a week they will come up with a different and potentially useful perspective

However as a start point, take your hands of the wheel and look at these things

1. What makes money/what doesn't?
2. What do you enjoy/what is a chore?
3. What can grow/what is stagnant

Plenty more of these questions which will guide as to what works for you

 

[WaveJumper]

You asked for one thing however there could be many one little things, taking the old “pillar” approach what’s holding the company up (making it successful) how do the other parts (pillar’s) need to be strengthened or do they need to be cut loose altogether and replaced

Are you investing in the right technology for the future ensuring you stay ahead of your competitors.

However, my gut feeling is you need to sit down and take a long hard look at the competition before doing anything else.