Susan M. Grotevant of the University of Minnesota says, “Old organizations, like old people can become set in their ways.” We tiptoe around innovation because it means getting rid of sacred cows, those projects, tasks, products and services we’ve been doing a long time but are no longer profitable, effective or efficient. Instead we settle for improvements, small tweaks that seem like we’re moving forward but really are a smokescreen to real transformation and business reinvention.

Improvement can be defined as small levels of change that have low risk, and typically start with an existing problem or process. There’s nothing wrong with gradual, consistent improvements, and the Kaizen philosophy of  change is being embraced all over the world.

But gradual improvements don’t allow for the type of creative thinking that starts with a clean slate, breakthrough thinking which helps innovate new ways of serving your customer and leapfrogging over your competitors.

Yes, innovation is riskier, but the rewards often outweigh those risks: greater revenue and profitability, thought leadership, and a bottom-up overhaul of how you serve your customers so you can serve them even better than ever.

Which strategy is better for your business reinvention? Both have their place in your strategic thinking, and your long-term goals will help you determine whether innovation or improvement is right for you. Don’t push away innovation because it feels to overwhelming or risky, though. You could be pushing away the future of your business.

There is a step-by-step process when re-thinking your business and marketing models. This free Re/vision video tutorial series shows you the path. Each video is 5 to 10 minutes long and includes handouts and worksheets so you can apply what you are learning to your own business thinking.

Is now the time for you to reinvent your business? This 10-minute video steps you through the thinking process.

Pick up the worksheets (below) and work on your own business while watching this video tutorial:

Have a mobile device? Watch the YouTube version here: http://www.youtube.com/watch?v=UAxhYFpvANc

Worksheet & Self-Assessment:

• Compass Re/vision – Factors Impacting Your Reinvention Decision (PDF)
• Compass Re/vision – Where Are You Now Assessment (PDF)

Audio MP3 of this tutorial:

• Audio 1 – Re/vision: A Fresh Way to Transform Your Business (MP3)

Everywhere I turn recently, I keep running into people who tell me stories about how they are changing their business model, reinventing the way they do business, modifying the products/services they offer, and shifting who their target audience is.

Some say they’re feeling restless: that they know something is going to change in their business but they’re not clear yet exactly what the new model will look like. They’re exploring all the options to find the new formula that works for them.

Others know exactly the direction they’re moving in and just need to work out an action plan. One colleague said to me, “I’m itching and ready to take action, if only I knew what the right action should be!”

I’ve been feeling the same way. I know my business is morphing. I won’t reinvent it from the ground up, but instead I’ll take all my knowledge and experience, and redefine what services and products I offer my audience. Some services will go away, some will stay the same, and new ones will be added.

I’m seeing some recurring themes about why people are reinventing their business, and I explore the range of reasons in another blog post. There’s no right or wrong reason for reinventing your business, just like there’s no fixed definition of what “reinvention” means to you and your biz.

Just trust your gut instinct. If you know something isn’t quite right with your current business model, trust your thoughts and feelings on the matter. You may not know exactly where you’re going, but the reinvention journey is a path worth exploring.

I’m interested to hear your comments. Are you reinventing your business, too? Where are you in your thinking about your new biz model?