The COVID-19 pandemic is challenging the traditional ways of doing business, and the fundamental business models future has to change. A business model operates by leveraging your extensive resources and realigning them with your vision and objectives and the market environment.
The business model also includes partnerships and external suppliers and advisors to work together, solving customer problems and frustrations and ensuring profitable growth on into the future.
What more can you do about all of this COVID-19 disaster which hasn’t been talked about already? If you’re like me, you’re probably sick and tired of the fear-mongering, not that we shouldn’t be cautious, we should. Unchanneled and out of control activities driven by fear only weakens your future potential.
Now is the time to channel your time and energy, into some of the more challenging issues facing your business, such as adjusting your business model, or completely changing it. A good business model is critical if you are to survive and thrive after a catastrophic disaster.
Your Business Model is an essential part of understanding and structuring the activities and information a business uses to achieve its desired outcomes. A good Business Model can be used to drive re-structuring, business re-engineering and the overall improvement to results.
During tough times, it may feel like the best course of action is to retract, stay low and wait for things to blow over. It is a very natural human response.
For me personally, despite my inclination to do the same, I feel better when I seek new insights, learn new practices, expand my knowledge, and think creatively about how I can best serve regional, rural and remote communities.
Your Business Model will be critical to a fast recovery.
While each organisation will evolve in is own way, there are certain aspects of individual businesses which will need to be addressed:
- A business model is a recipe for your business. It’s how you do business.
- It determines how you define your market segments and treat your customers.
- How you market and sell.
- The partnerships and alliances to improve your value chain.
- How you brand and position the business to market and sell better.
- How you finance and operate the business.
- It guides problem-solving and how you make money.
Success during disruption is a function of opportunity, humility, talent, and focus as well as the elimination of distractions. Meaningful work suffers when you chase disruptions. It might seem like your business model is working, but can become obsolete and no longer adequate.
Using a Business Health Check will help to focus your business models future on the customers you are seeking to serve. If you would like a copy of our Business Health Check tool contact us, https://faqsupport.com.au/contact-us/
“Knowing the right moment to take action when your business model or business plan is not working requires analysis, work and the courage to face reality”. Peter Sergeant
“Start designing the customer service model your customers only dream about”. Peter Sergeant