Reinventing Your Business: Part II

This week we’re discussing how to reinvent your business by using the word Renew as an acronym. The first E stands for Examine Data.

In the 1980s, Western Union’s telegram business was becoming obsolete due to emails and cellphones. In 1987, they began a process of examining data and trends in each of their business lines, leading them to embrace their money transfer business as their future. Today, Western Union is one of the largest money transfer businesses in the world.

Galatians 6:3 teaches, “For if anyone thinks he is something when he is nothing, he deceives himself. But each one must examine his own work.”

True self-reflection is a virtue repeated throughout the Bible. However, sometimes we are blinded to our shortcomings, whether those be personal or professional. Relying on the Lord is the best way to combat spiritual or business blindness.

If you, during reflections, notice that your business is headed towards decline, you can either let it slide or, you can reinvent your business. Focus on the core of your business. Decide what your true goal is separated from how you execute it. Examining data will lead to better decisions and reveal what practices need to be updated or retired.

Questions For Reflection

• What are the statistics on your business’s performance? How do they compare to other businesses in your field? What trends do you anticipate taking over?
• When was the last time you evaluated your work, whether it be your professional or your personal pursuits? When was the last time you asked the Lord to measure your efforts? Where do you need strengthening? How might you accomplish that?