I am excited to offer you a free downloadable tool to keep your services positioned for high-demand and high-profit. See below for the link. Read to find out why this is so critical to your career and financial health.
You created your business model back when your company was formed or when you took over as CEO. You have been implementing since and will continue to do so. Not so fast! In the ever-changing marketplaces full of newbies and innovation, you must revisit your business model on a regular basis. Why?
Your business model is focused on how you provide value to a defined client, such as hospitals, beverage producers or transportation agencies. If your clients’ business has evolved over the years, do you think that might alter the effectiveness of your model? Most definitely. Revisiting and updating your business model keeps you sharp, away from commodity services and seen as valuable to those clients.
I witnessed a firm transform their contamination assessment services into services that also included marketability analysis. This analysis helped developers to know to whom they could market the property and to prioritize the environmental clean-up costs for that market.
Clients then saw the firm as more valuable. Thus, the engineering firm moved this service away from commodity to become high value. They did this by having a complete understanding of the client’s business and being open and thorough to ideas on how to align to that market’s business drivers.
To create an effective model, some difficult questions to deeply explore include:
- How well do you understand the drivers of your clients’ business?
- How can your business deliver services leveraging that understanding?
- How might your core skills be evolved or complimented to directly support your clients’ business goals?
- How will you get the word out to find those who will value your services?
If done well, a strong business model guides your firm to differentiate yourself, create niches and deliver top-notch services.
Where are your services on the commodity-value curve? Click for free Commodity-Value Tool and place an X on the curve where you think each of your services lie. Which service requires action?
Share with me your first assessment and I will respond with additional guidance of next steps.
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