By Mark Burch, SLEEKSTONE Private Clients

When did you last step back and look at your business with the fresh eyes of an outsider? It’s so easy to get caught up in the day to day running of the business, fighting fires and dealing with the immediate issues. But over time, and especially with significant global financial issues including the current pandemic, it's worthwhile taking that time out to check your business is operating the best possible way.

But let's start with what a business model actually is.

“A plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.”

The process of business model construction and modification is also called business model innovation and forms a part of business strategy.

So where do you start?

Situation Analysis

The traditional way to approach a situation analysis would be to look at the external factors that are affecting a company and then look at the position of the company within that external framework; perhaps by SWOT analysis, the Strengths, Weaknesses, Opportunities and Threats. A word of warning here. How many of you have done a SWOT analysis for the piece of paper to be left in a drawer and not looked at again. The purpose of investigating the organisation is to identify and prioritise the major issues that are facing your company. Then you can take some educated action.

To help you, answer these questions.

• What is working well in the company

• What are the areas that are not working well

• Is the company good at what it does? Are there improvements that can be made?

• What are your company values? Do you live by them? Do you communicate them well?

Then move on to the questions in the following diagram, it's worth answering them fresh. As you are now operating your business in a new global situation.

• What are you selling, who to and why do people need it?

• Where can we reach them? - this needs careful thought as this is one area that the lockdown has altered.

• Do you have a tried and tested sales process for gaining new clients? Does it need to be altered? How well do you follow up with leads and how well do you keep in touch?

Planning and Timescales

Once you have an idea of what's working well and what new implementations you need to make, then get them set on a timetable and allocate a member of staff to oversee the work. Be sensible with what can be achieved in the time you have available but also make sure you keep moving forwards and make steps.

Implement

I like to always say produce, don’t perfect. It’s easy to want to make everything in your business perfect, don’t procrastinate. Aim for excellence, yes, but not at the expense of getting your new processes out there and in place. Make changes where needed, implement them. Then review and adjust as necessary.

Regular Reviews

Regular reviews are vital. Book them into your diary but also be ready to review and adjust as you go along. Especially during fast moving times like in the current situation.

Adapt

For any business to truly survive in the “new world” in which we find ourselves in. We need to adapt. To adapt, we need to change our business mindset and models, some more than others.

You may have taken the time to read this thinking “I do all that” but take a long hard look and ask yourself “do you really?”

Taking on board the content of this article will help steer your business to greater profitability - it all starts with one small step, which will feel like the greatest leap.