2011 Business Growth Strategy #4: Check Your Business Model
We all know our business models inside and out, right? We know where we make money, where we lose money, where we invest and recently, where we tighten our belts.
But are we really executing on the best business model for growth?
Business models are a magnet for Gravity thinking. I believe that’s because we’re all rained to believe that business models should be established and then maintained carefully – no matter what happens.
That’s old school and pure Gravity thinking. If you’re business model isn’t shifting to match the dynamic winds of your markets, then your business model is weighing you down and dragging you backwards.
Our world changes every day. And if you’re not changing with it – you’re losing. Whether it’s an assumption about your best source of profits, your best sales channels, the optimum way to manufacture or the next great thing you should be creating – if you haven’t checked your business model and focus in the past few months – check it now.
We all get stuck in thinking that the way we we’ve always done it is the best way possible. We’re also influenced by the things we’ve tried before that didn’t work – and we surely won’t try again. The problem is – all of that thinking is based on the past – and our past no longer predicts our future. Not in our new economy. Everything changes too quickly to bet our future on our past.
So take a moment and ask yourself:
What’s driving my profit today? What will drive my profit tomorrow? How do I need to evolve my business to power new avenues of profit? Are their areas I need to rethink – focusing on profit and not just the topline?
How do I market and sell to my customers today? How am I reaching out to new prospects? Is it working? What changes do I need to make to market and sell in tomorrow’s world? (For example, think about the changes social media has driven in the way we interact with customers. Are you taking advantage of that power?
What new opportunities am I funding that aren’t delivering on their promise? Is hope springing eternal when it should be focused elsewhere? What other opportunities am I not funding just because I tried something similar a few years back? What opportunities am I missing – based on my chat with my Keepers?
Why do I run my business as I do? Are my assumptions based on today’s world – or on the way I’ve always done it?
Often simple shifts can make huge impacts on our business success.
As you go through your day, whenever you catch yourself ready to make a decision based on the way you’re doing things today, stop. Then ask yourself – “Is there a better way?”
That simple question, applied to the way you’ve always done it, will help you shift into the thinking that powers high velocity growth!
Rebel Brown consistently challenges the status quo to deliver optimum solutions and high velocity growth for her clients. She combines the strategic expertise and tactical savvy of a global Corporate Strategy, Launch and Turnaround Expert, along with the leadership and motivational skills needed to get the job done.
Check out Rebel’s new business book, Defy Gravity, where she shares proven strategies and tactics for growing your business even in a down economy.