🔊 Continually assessing your business model is not just good practice – IT’S NECESSARY
In today’s world.. Things change so quickly
This should be done often, so you can improve often and ensure you stay on track
✅Apart from that, it’s getting to the stage in the year where you should really be thinking about the next year
You may think this is too early, but I assure you, it’s not. The business model has many different elements that need to complement each other. Not CONTRADICT and assessing the business model is a journey, not a point in time. I’ve often come across businesses that will do a strategy day towards the end of the year. Come up with some good ideas and set targets for the preceding year ahead..
That’s all well and good, but it’s only a small element of the journey and if that’s all that’s being done, your business is not getting the opportunity it deserves. A number of years ago a client rang me in a bit of a panic. They said they were way down on their targets and not sure what to do. I spent some time with them. I quickly discovered that they did exactly what I described above. Their targets were set at 10% above the previous year but things didn’t go as planned.
They had a tough year. They assumed that things wouldn’t change in the marketplace and with 10%-20% more effort they could achieve their targets. Unfortunately things rarely go as planned or stay the same and the speed of change is only getting faster. In order to constantly stay ahead of the change curve. The business model MUST be assessed often
There are many ways you can assess a business model as always I like to keep it simple. At a base level there are 6 areas to assess (your business may have more). That cover both the delivery and supply side of things
✅Leadership
✅Strategy
✅Internal Operations
✅Teams
✅Customers
✅Sustainability
Each one should initially be a separate stream of work to understand where you stand today
That is..
💥What is working well
⛔️What is not
Then from there understanding what needs
💥To stop
💥To start
💥To change
Once you’ve done that, how do all streams work together? Complimenting each other not contradicting. Everything must be in alignment to succeed and that is why it’s good practice to assess the business model often. To ensure this is what’s happening. A business should always be interrogated to ensure it’s delivering on its promise.
If you have any questions, please get in touch, I’d love to help ❤️
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