Altitude Advisory Director, Andrew Mattner knows a thing or two about successful business models and explains some ways that you can determine if your business model is still relevant.
Does Your Business Model Still Cut It?
A lot of businesses aren’t large enough or resourced enough to employ a full-time CEO or CFO. Luckily for me, I love coaching and guiding business owners to set the strategy for their business when they don’t have people in these senior executive positions to do it.
Each year I facilitate between 10 and 20 strategic planning sessions and it has become more apparent in recent sessions that the business models that have been in place for many years are no longer working.
It’s a new game
The tried and tested models that business owners have relied on are no longer realising the growth, profit, customer satisfaction, staff enjoyment and shareholder returns they once did. Many businesses and industries have been disrupted by newer low-cost, agile business models that have adopted modern technology, online platforms and high customer engagement frameworks to win the new game of business. And it’s not going to get any easier.
Ask the hard questions
Business owners need to be brutally honest with themselves and challenge the way they currently operate their business. Even Bunnings, the dominant big box hardware retailer in Australia recently announced a pivot where they are going online (what about the snags?)
Just like the Board of Bunnings, every business owner needs to ask themselves some hard questions about the current form if their business.
- Helping them achieve their goals?
- Meeting the requirements of modern team members and culture?
- Providing a suitable return to owners/shareholders?
- Meeting the demands of their customers/clients?
If the answer to any of those questions is ‘no’, the business needs to pivot to remain relevant.
With the New Year nearly upon us, now is the time for business owners to assess their business model and its ability to deliver into the future.
A structured strategic planning session is the best way to undertake that process and we can help! Contact us on (08) 8172 1444 or at firstname.lastname@example.org to discuss next steps.