The one point I keep on harping at during all my discussions with the business leaders is that it is necessary to look at things afresh when the time comes. There is no harm in accepting if your company isn't doing well lately and it needs a serious makeover. In fact, the sooner this realization comes, the faster one can start working towards taking right actions.
 No doubt the efforts would be tremendous, but you can be assured that reinventing a company's strategies and business model is the way to rise back to the top once again if you wish to stick around. Here are some commendable efforts by few noted giants in this regard

American Express - Amex, as it is popularly known, started in express mail later moving into money order and traveler’s check business that established it as a truly international company. With severe losses in express mail business, it reinvented and focused on financial services. It gained enormous success introducing Travel and Entertainment Card, the early credit cards business. Again as time changed, it partnered for mobile wallets business with Google and Apple.
 
Amazon - A fairly new entrant in 1994, it began as an online bookstore. By 1999, the company popularized online shopping beyond anyone's imagination. It now offers practically every possible product that can be marketed and sold online and has become the largest internet-based retailer in the world. Today, Amazon also produces consumer electronics and provides cloud infrastructure services.

National Geographic - While many magazines shut shop as people started shifting more towards television and the Internet for information, the National Geographic Society, which began with the magazine in 1888, reinvented the brand in the 1990s when it started losing its subscriber base. It introduced the National Geographic Channel in 2001 and hosted some of the most amazing reality television shows.

Netflix - Though initially, i.e. in 1998, the company only provided rental DVDs, they gradually moved to subscription services to receive unlimited DVD rentals by mail. By 2007, they had online streaming for viewers to access movies as well as shows. By aligning itself with the latest trends of online movies, Netflix scale up its business with more than 1.7 million members by the second quarter of 2016
IBM - Think of a personal computer or PC and immediately we still remember IBM. That was the name it created for itself back in 1984. Sadly, it couldn't match up with the other competing businesses with even more cheaper components. After its $8 billion loss in 1993, IBM chose to move on to providing IT and computing to services businesses. By 2010, it acquired almost 200 companies in the IT services sector and by 2013; IBM became the global top technology solutions provider.

Cisco - Cisco was the lead name in routers and switches in the networking field. But after sales started affecting, the company made a conscious move to shift to software and services realizing that IoT and Security are the growth areas. As its executive chairman John Chambers says, “…companies fail to adapt when they miss the big market transitions.”

Lego - When kids started preferring video and other such games during the 90s, the company suffered its first loss in 1998. Thus, it introduced new, diverse games, including digital ones. More importantly, it produced movie-related toys such as Star Wars and Harry Potter. When that too stopped bringing in money, the company brought out The Lego Movie with every possible merchandise.

Nike – It began operations in 1964 as a distributor for a Japanese shoe later on launched their own line of footwear. At one point in time it asked the question what business they are into and realized that they are not just a shoe company but in the business of sports. This paved way to venturing into merchandise and they produced some of the top athletic gear and apparels. Today almost half of it’s business comes from apparels and sports equipments business.

3M – Standing for Minnesota Mining and Manufacturing Company, as the name goes, the company started its operations in the mining industry. As that decision failed, it moved to producing sandpaper products. However, notwithstanding failures, it constantly continued to focus on innovations to expand its business areas, and today, 3M proudly manufactures a massive range of products from different kinds of adhesive tapes to stethoscope to even toothpaste!

Ricoh - Way back in 1936, Ricoh focused on manufacturing office equipment such as scanners, fax machines, and printers. It went on to create the top spot for itself globally in the printing and imaging industry. However, in 2016 Ricoh partnered with Siemens to offer digital lifecycle management software. Today, it is providing SaaS document-management along with many other software solutions and also runs data center services.

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