With the risk of being too straightforward: 2020 took many of us by surprise. It came with a lot of challenges but it also shredded some light on areas we can improve.
When 2020 started, nobody thought it would be a year that would dictate and change significantly the way everything was being handled. No one thought that so many people and businesses would need to reinvent themselves in order to survive and potentially thrive in the near future.
During the unfortunate play of events, many businesses and people have suffered a great loss and change in the way their daily activities were organized.
If there is something that COVID-19 has done during this time, is that it showcased the core weakness of our system and business models.
Because of this reason, we are taking the opportunity to help shred some insights. This article is meant to help anyone in need, rethink their business models in order to adjust it to the current circumstances and align with the new changes that are happening in the world.
At CSRgrowth.com, we are proud to say that even before the pandemic, we have built an innovative Business Model that was meant to reshape the way businesses integrated their practices today. Our business model aims to encourage companies to implement different solutions in times of fundamental change and embrace a new way of thinking. This way, we are helping corporations create a sustainable future for the next generations including but not limited to only Corporate Social Responsibility (CSR) and additional sustainability practices.
In today’s article, we are going over the most important aspects on how you can (and we encourage you to) adjust your business model in order to highlight its core strengths during these uncertain times.
Here are a few points that we will go over:
- How is adjusting your business model the key to becoming a thriving business.
- Are your actions limiting your company from growing?
- Are you knowledgeable of the upcoming trends?
How is adjusting your business model the key to becoming a thriving business.
Without a doubt, your business model is the key that unlocks your business potential and it is no longer a surprise that it requires a continually evolving strategy.
A business model is meant to be regularly adapted to what is happening around and adjusting what is necessary to both internal and external factors.
Here are a few questions you can ask yourself to check if your business model needs to be refined:
- Are my customers seeing the value in what our business currently does? Are they contributing to the growth of the company?
- Is my business impacted negatively by what is currently happening at a macro-economical level?
- Do I have any problems adjusting my strategies to meet the supply-demand of what is needed and is what I do still relevant today? Will it be relevant in 5-10 years?
- How far am I willing to go to make a change in the way we did things if they are no longer working? Am I open to innovation and a change in strategy?
- Am I able to see my business from a different perspective? We have written an interesting article on seeing CSR from the customer’s perspective however there are some points that can apply to a whole other business segment.
A few points to keep in mind:
- Covid-19 has underlined most of our world’s core weaknesses. How are these weaknesses relating to your business? What problems did the pandemic highlight in your business?
- A business model that is not revised regularly can lead to a potential loss.
- Adjusting your business model is not only practical for surviving but it can lead to expanding opportunities
Are your actions limiting your company from growing?
This very direct question can cover many topics and areas of a business, however it is essential for a company to regularly do a dive check: “Are our actions limiting our company from growing?”
This question not only highlights possible issues that can arise in a company, but it also forces and encourages a new way of assessing and looking at the activities that are being done on a regular basis.
Here are a few examples of questions and areas when our actions could be limiting our company from growing. These questions could go hand in hand with the above notes on refining the business model.
- Are we spending too much time on unprofitable tasks or projects?
- Are our employees motivated and working efficiently?
- Do we have all the resources available to grow?
- Are we coming up with new innovative practices?
- Are we focusing on what really matters? Do we know what matters?
- Are we contributing in a way that makes a difference?
- Do we know how we can analyse the data and history we have?
Are you knowledgeable of the upcoming trends?
It is no longer a surprise that 2020 highlighted that in many ways, we are unprepared for an unfortunate take of events. Because of this reason, we need to learn to be better analysts of what can potentially happen in a few years and how we will be able to react to change.
The way the events played out, forces us to re-evaluate our risks and possible business threats.
In the big scheme of things, it all goes back to the core and building blocks of a company: our business model, our analysis frameworks and implementation solutions from the experience we gathered.
As a conclusion, it is without a doubt that the recent events have affected everyone in many ways, however we can only act by reacting to what is around us.
From a business perspective, this means that we can no longer do the same things and expect different results and the outbreak of the coronavirus showed us that. The time has come to see businesses as not only a way and a means to make profit, but to also encourage and drive change. Are we ready?
We can learn to be.