One of the key components of my client work is helping my clients understand how to look at opportunities and the many ways that you can maximize any opportunity that you can discover or create.
In speaking at the annual
They all share in common a need to rethink the way your business model exists.
That’s why I want to share 3 quick ideas that will allow you to reinvent your business model immediately.
Start by asking yourself what your goals are?
One of the big things I learned in researching the challenges facing college athletic departments is that they are so overwhelmed with inputs that they sometimes struggle to really remember what they are trying to achieve.
This is reality for a lot of people in any industry.
We get so overwhelmed with the urgent that we neglect the important.
So the first step you can take to reinvent your business model is to step back and think about what you are really trying to achieve.
Maybe you are trying to increase your revenue?
Great goal BTW!
But what does that mean?
Is it a 10% jump?
Begin by defining the landscape you are operating on and make sure you are clear on the destination.
This first step should clearly spell out your destination and you should have a clear way of sharing that with your team so that you can make sure that everyone is focused on a common challenge or set of goals.
Because when you have a clear understanding of where you are going, you can begin to identify strengths and weaknesses in your current operations that will impede or accelerate your results.
What happens all too often is that we think we are focusing on the right things, but we actually aren’t.
This causes frustrations to bubble up and businesses to inefficient or ineffective.
So start by understanding where you are, where you are headed, and look at what you are in the context of those two factors.
Make sure you are targeting the right people:
One of the big challenges for every business and their business model is that they can be confused about who they are really trying to reach.
Seth Godin mentioned a line on a recent podcast that went something like, “Pick your customers. Pick your future.”
I may have that last line wrong, but the first part is absolutely correct.
For too many of us, we don’t spend enough time focusing on picking our customers.
We get trapped in the cycle of feeling like we have to be or do everything to everyone.
Yesterday, I saw a tweet on social media that said something to the effect that every business must use social media and the only question is how they are going to use it.
Blanket statements like that are almost always wrong.
And, in business, it is easy to be fooled by them.
In this case, the idea that every business must be on social media is absurd. There are tons and tons of businesses that probably shouldn’t be on social
That’s what happens when you fail to choose your customers.
You move from a point of control to a point where you are trying to be everything to everyone.
That’s not going to work.
You have to pick a point of view that you can express to your clients the value you are selling and that you feel like you can convey better than anyone else.
Anything less will make your business model ineffective.
Check yourself for transactions or relationships:
We can all fall into the trap of just making the sale.
Sometimes it even must.
But for most organizations, one of the costliest activities they undertake is customer acquisition.
And, what compounds this expense is when they don’t work really hard to keep the customers they acquire.
That’s why one of the key ways to reinvent your business is to revisit how you are actually transacting business with your clients.
Are you offering up transactions or are you building relationships?
If you are doing transactions, is this what you want to do?
If you are building relationships, is that reflected in the sales and account management process?
Does your goal reflect in the way you deal with marketing, selling, and account maintenance?
Because if it doesn’t, the last way I want to share today that will reinvent your business is by altering your practices to better reflect the nature of the relationship you are trying to establish with your market.
If you want to build relationships, make sure that is clear.
If you want to deliver transactions…cool, but be clear about that because it will have implications
Later, I will go deeper on each of these but I challenge you to take a look at where your business is right now. Let me know what you find out in the comments.