Is My Business Model Broken?
You feel like everything is teetering on the edge of chaos. It’s not about whether business is flowing in or not. Things just aren’t running smoothly. Nothing is coming together in a defined organized pattern. What do you do? Is your business model broken? Steps you need to take to deal with the situation:
- Hoping that more business will help fix a broken business model process won’t make things better. Even if the company is currently busy more business isn’t going to improve your work place it will just make it more chaotic. You need to do an assessment of where the problems are. Some things to look at to make the assessment are at http://sunidee.com/blog/is-my-business-model-broken.html
- It may take time to make adjustments. Regroup. Pull out that 3 to 5 year business plan that you have in place, but maybe haven’t looked at in a while. Review the plan and see if you are currently following it. If you don’t have a plan in place now might be a good time to set one up. SCORE has some good business plan templates that can get you started – http://www.score.org/resources/business-plans-financial-statements-template-gallery
- Assess where you are in your business plan process. You need to determine where in the business forest you are located and what direction you need to head. A good article on assessing where you need to improve is at http://www.ala.org/ascla/asclapubs/surviving/thirtymostasked/thirtymostasked
- You have a hard decision to make. Can you tweek your existing business model process or do you need to do a full blown re tooling of your business. External and internal factors, as well as monetary limitations will determine what you can and can’t do. Some thoughts on changing your business model – http://management.fortune.cnn.com/2013/02/25/business-model-obsolete/
- Where do I go from here? You need to stay focused going forward. Change up your current priorities to stay on top of your revised business model. Make sure to follow your new business plan as you have adjusted it, this includes looping your management team and employees in on the new changes.
A business model is a template that outlines how your business can run smoothly. Determining when and how to adjust that template is up to you. Don’t be adverse to change, but at the same time only change those parts that need to be fixed.
Next up – What’s this talk about “big data”?