Given the pace of change in today's volatile marketplace, Geoff Steer suggests every business owner revisit their business model as what has worked in the past is no longer guaranteed to work in the future.
I have previously written about some of the challenges businesses face in this extraordinarily volatile global marketplace.
To name a few:
- Increasing Government regulation, including constant tax changes and new imposts such as the carbon tax;
- Tight lending conditions being imposed by financiers;
- Uncertain global markets which continue to produce headlines and continue to dent consumer confidence;
- Ever changing technology;
- An Australian dollar which has significantly impacted on the competitiveness of many businesses.
These factors and more mean that businesses have to be prepared to change the way they do things to remain competitive.
What has worked in the past is not guaranteed to work in the future. Now more than ever, new more nimble players can quickly wipe out long established business models.
Now is the time to be reviewing your business model and its relevance to the changes and challenges in your marketplace. Such a review may encompass:
- the efficiency of existing processes
- how improved technology can be used to increase productivity and possibly the customer experience
- outsourcing opportunities, including consideration of any cost savings or efficiencies that could be gained by outsourcing to offshore locations
- the use of social media in your marketing strategy
In the modern business world, these things need to be constantly on the agenda to ensure your business model stays in tune.
Geoff Steer is a Founding Partner of Matthews Steer Chartered Accountants. Geoff’s knowledge of taxation matters combined with his financial planning skills enable him to provide a complete financial service for professional, executive and small business clients. Geoff was recently ranked one of Australia’s top 10 financial advisors by the AFR Smart Investor Magazine’s 2011 Masterclass. www.matthewssteer.com.au
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