Your company also needs Spring Cleaning!
As Spring arrives we begin to get our hands on cleaning out closets and cupboards, painting walls and planting flowers in the garden. This “cleaning” mentality can be applied to companies, who also need to check where they are and where they want to go in the next twelve months.
In a year, a company environment can vary significantly; changes in the economy could generate opportunities or threats, new competitors can rise, substitute products can appear, and there can be changes in suppliers or partners. In a similar way, movements in the market, such as size or segment variations and new technologies, regulations, and social or demographic changes, can also affect the inner company environment.
To define the purpose or objective of your company for the year, start by determining where your company in relation to the new economic situation, industry, market, and new trends. Once you are clear about the environment, make a business model analysis, so you can determine how your business will adapt to these new needs.
When you have reviewed your business model, you can focus on what to increase, decrease, create, or eliminate. Some examples are: giving more support to what has worked, reducing investment to areas that do not require so much investment, creating new products or services that adapt to new needs, and eliminating what is not justified.
This annual review of your business will allow you to visualize, along with your partners or management team, where the company will go in the coming year. It will have an impact on the motivation of your team and internal communication structures; two fundamental variables in the productivity of the company.
Review your Business Model to get a head start on a more productive year!
Adriana Madrinan, Managing Partner at Concepta Strategies. Provides Business Model and Marketing Strategy consulting. Improves employees’ business understanding and productivity through workshops and consulting. As a result, brings transparency to processes, vision alignment, and improves internal motivation and communication.