My 3 top tips for your business strategy
Brenda Etchells
Business Mentor & Trusted Sounding Board giving Business Owners the space to talk, explore ideas & overcome any challenges in their business. Uncover the Clarity, Focus & Confidence you need to grow your business.
I was asked to provide 3 top tips from my industry for my networking group. It is hard to narrow it down to three but this is what I came up with:
1. Understand your business model.
It is vital that any business understands how it drives value for both it's customer but also its bottom line profit (even a NPO needs to understand how it makes money for it's benefactors).
The business model canvas is a great tool which allows you to describe, design, challenge and innovate your business model. It breaks down your business into easily-understood segments: Key Partners, Key Activities, Key Resources, Value Propositions, Customer Relationships, Channels, Customer Segments, Cost Structure, and Revenue Streams.
It is surprising how many businesses struggle to articulate this. By taking the time to map out your own business in this way it will help you to communicate to clients why they should do business with you.
2. Understand how the external environment could impact your business
One of the most used strategic tools is the PEST or PESTLE analysis. This breaks down external factors into categories:
- Political
- Economic
- Social
- Technological
- Legal
- Environmental
It is important that your regularly think about these factors and look for emerging trends that could impact your business - either providing an opportunity or may pose a threat to your sustainability. Any trends which could have a high impact on your business need to be closely monitored and plans put in place to maximise the opportunity or limit the risk.
3. Take time out and get creative!
It is too easy to keep doing 'business as usual', especially when successful. But it is great to take time out occasionally and think creatively about your business products and services. How else could you fulfill your customers needs? There may even be needs your customer's don't even realise they have yet! Blue Ocean thinking really pushes your thinking beyond the boundaries of your industry. So have a day away from the office, book a facilitator and have fun coming up with new ideas.
Specialising in the 'People’ part of organisations & businesses ?? Helping under-pressure managers take the stress out of people management ?? Down-to-earth, straight-talking people & communication coaching & training
5 年Excellent thoughts Brenda! I love how you've identified the balance of claity in your business with the need to habitually scan the horizon and check what's going on in the wider world.