Don’t get left behind: Why you must review your business model
“Are you getting what you want out of your business?”
I ask my clients this question all the time. Why? Because a lot of business people keep doing the same thing over and over in the hope it will somehow improve their business. But nine out of ten times it won’t achieve anything at all.
I’ve been advising businesses for 20 years, and I’m still amazed at how quickly the business world is changing. Most of that change is due to technology, which is both amazing and a little scary.
In 2007 Marshall Goldsmith wrote a book explaining that “What got you here won’t get you there”. And today I think his advice is more relevant than ever.
So, are you getting what you want out of your business?
For some of you the answer will be “No”, or perhaps “I’m actually working harder than ever for about the same money”. Some of you may even be working harder than ever for less money.
And if that’s the case, you really need to look at the way you’re doing business.
You should regularly review your business model, and ask yourself questions such as:
- “What am I doing that’s worthless in terms of customer value?”
- “What am I doing manually that could (and should) be automated?”
Automation give you the opportunity to spend more time with your customers and less time doing stuff that doesn’t add customer value. A great example is using Receipt Bank—a fantastic product that eliminates data entry—for your bookkeeping. A number of our clients use it in their businesses, and they all love it. After all, the less data entry they have to do the better. And combining it with other apps such as Deputy and Vend can potentially free up a lot of your time.
The biggest challenge businesses face these days is marketing. Traditional advertising doesn’t work as well as it used to. And while it’s easy to advertise your business on Facebook or Instagram, getting noticed is a lot harder.
Tip: Just because people ‘like’ your page on Facebook doesn’t mean they’ll buy anything from you. You need to post content that people are interested in, and create a relationship that makes them want to become a customer.
And don’t be afraid to get yourself a business coach. Tennis players have been using them for decades because they understand the benefits of having one. Ivan Lendl now coaches Andy Murray, and look at how successful he’s been lately. A business coach can act as a sounding board, or encourage you to challenge the status quo. And that’s important, because if you don’t keep improving your business and what you’re offering your customers you may get left behind—just as Uber has done to the taxi industry.
So if you’re not getting what you want out of your business, stop what you’re doing.
Take a good look at your business model.
Work out how you can improve your business.
And then make it happen so you can answer my question with a resounding “Yes”.