When rethinking your business model, different roadblocks spring up along the journey. One that nearly always happens is the business identity crisis: What is my business, and where is it going?
It feels as if you’re starting out all over again with incredibly basic questions. Darn! Again? Didn’t you do this at the very beginning of your business?
Sometimes it feels like you’re sliding backward toward square one. Don’t worry, you’re not.
It can be frustrating when you are trying to transform your business to have to question your entire business model all over again. Truly — it’s necessary, and a wise move for any seasoned business owner. I see it as a great opportunity during your business reinvention process to pause and re-examine The Nine Big Questions.
Here’s an exercise in big-picture thinking for you and your business:
- What are your business goals? What do you want from your business — emotionally, financially, intellectually?
- What personal values does your business reflect?
- Have your personal values changed since the last time you created your business model? If yes, what has to change in your new business model to reflect those new values?
- What brand does your business currently have? Do you need to re-brand it?
- If you re-brand it, what image/message do you now want to project for your new business model?
- Which marketing techniques are working and which ones need to be ditched?
- Who do you serve and do you still want to serve this audience?
- Who are your best customers? Who are your repeat customers? How can you serve them better?
- And the biggest question of all: WHY are you in this business? (Maybe, just maybe, it’s time to get out if the reason you started this business doesn’t exist anymore.)
I know that rethinking your business can feel overwhelming. Take a look at these nine questions and pick just one to ponder. Pick a question that calls to you. Trust your intelligence and gut instinct to select a starting place for rethinking and redesigning your business model.
Business re-design is not just about making decisions and implementing plans. It’s about asking questions, getting clarity and finding focus. You’ll be happy you took the time to ask yourself The Nine Big Questions.
So, how about you? Which Big Question is the one that’s on your mind right now?