7 ways to update your business model
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Markets change, new competitors emerge and customer expectations evolve all the time. To stay relevant, businesses constantly need to find new ways to compete. Committing your business to an ongoing development strategy can be one way to do that.
So where do you start? Here are seven steps that could help update your business model and future-proof your livelihood.
Solving your customers’ problems should be at the core of your business vision. However, as their needs are constantly changing, your business vision may need some tweaks too.
Keep asking yourself: What are my customers’ current pain points? Are there any new solutions I can offer them?
And don't be afraid to do a bit of market research and ask the same questions to your customers. These answers could help inform an improved vision for your business.
Even if your customers’ needs haven’t deviated much, there may still be new ways you can add value for them. For example, you could look at how you can use new technologies in your industry to improve your services. There may also be new products or services you could add to your existing offering.
Keeping your ear to the ground for new business prospects can be difficult when you’re focusing on the day-to-day operations of your company. If that's where you're most valuable to your business, it could be helpful to delegate business responsibility for business development to a member of your team so they can seek out opportunities for you.
By delegating responsibility, you’re also incentivising your team member. This can be by way of a professional incentive, as it could offer them a chance to grow in the role, or a more straightforward financial incentive. After all, if they’re bringing in more business, you may want to reward them with a bonus. But most importantly, it means their focus can be on finding ways to grow your company while you look after business as usual.
If you don't have anybody who can take on this responsibility, consider setting aside part of your week to solely focus on growing your business.
Changes in the way you do business can cause uncertainty among your staff. It can help to clearly communicate your vision to your team and let them know how they can contribute. This can help your team feel like they’re a valued part of your future plans and means you can tap into their ideas to help you grow your business.
A business overhaul is rarely successful without a skilled and dedicated workforce at your disposal. Giving your staff the opportunity for professional development can help them see a long-term future at your company. As such, they can be less likely to seek greener pastures elsewhere and you can build an experienced team over time.
When assessing your business goals, you might identify certain skill gaps. So, it could be time to expand your team and bring in new talent to fill them. Depending on your business’s needs, you might want to restructure your team or change their roles and responsibilities to ensure that every team member is best placed to help your business grow.
Image isn’t everything, but in business, a lot depends on it. That’s why you should make sure your branding and messaging reflect your new business suitably and consistently.
If your vision, purpose or even products have changed, then you'll need to ensure your marketing materials reflect these changes. Re-branding isn't something that should be done lightly though. You'll need to reflect the changes in your website, social and online channels, customer communications, as well as your bricks-and-mortar locations.
Businesses that stand still can fail fast. Reinventing your business doesn’t imply failure. Rather, it’s an ongoing commitment to business transformation that will help drive your success well into the future.
This information does not take into account your personal circumstances and is general. It is an overview only and should not be considered a comprehensive statement on any matter or relied upon. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this article, including when considering tax and finance options for your business.