Let’s start with the idea that there’s no one-size-fits-all approach to running a successful business. However, many small businesses face the same challenges, which puts them on one of two common paths. But there’s a third alternative path, too.

Before you start any innovation project, business transformation initiative or reinvention efforts, take a step back first. Lay the groundwork by accurately assessing where in the product market life cycle your current products and services reside.