Groundhog Day? Are you working harder each year with diminishing returns?
In many instances that’s because the world is changing but your business has not adapted and changed.
A key question for you to ask yourself is; What will my industry look like in 5 to 10 years?
Adapting To Change Using Four Forces Model
We use some fantastic tools in our business innovation and strategy practice and one of the best tools is called the Four Forces model, developed by Strategyzer.
The Four Forces model looks at the business environment which impacts on your business and addresses four key areas:
Here are some examples of the type of questions the Four Forces model can help you address.
1. Key trends
How has technology impacted your industry?
Which technologies represent important opportunities, and which have the potential to disrupt your market and margins?
2. Market Forces
How has your customers buying behaviour changed and what do YOU need to change to take advantage of this?
Have the changes impacted on your target markets and is the opportunity for you to go direct to market or should your sales channels change?
Have your clients’ needs changed due to the pandemic and has you marketing messaging changed?
3. Industry Forces
Who are the new entrants to your market and what can you learn from them?
Have supply chain issues resulted in you needing to change your supply chain?
Have you competition been impacted and are some of them now more vulnerable?
Who has failed to adapt and change in your marketplace?
4. Macro-economic Forces
How will changes in availability and cost of finance and resources impact you?
How costly is it to get money?
Is the education system producing the talent the business needs or do we have to build our own.
If Blockbuster video had used the Four Forces model, then they would have been more likely to have seen the future and bought Netflix when they approached them rather than gone bankrupt five years later!
Interested in your thoughts? What have been the biggest changes affecting your business?
How To Build The Business You Desire
Business Navigation Services are delighted to announce that we have designed a new Business Growth Programme specifically created for business owners who want to continue to grow and adapt to the continuing changes in the business environment.
We work with our you and your teams, so you leave the programme with a clear business plan to enable you to build the business you desire. Learn more.
To find out more, book a free discovery session to discuss your current business challenges and how we can help to overcome them.