If your business model has run out of steam, you can’t afford to wait. Here are six steps to help you make difficult strategic decisions more quickly.
Sometimes a product offering or business model runs out of steam. Maybe your customers no longer value your product or service as highly. Or your partners find other ways to create value and no longer need to partner with you. Or your cost structure is no longer competitive.
This is a natural part of capitalism’s “creative destruction”: that which created value yesterday may destroy value today and tomorrow. If you’re in this situation, you need to make tough decisions about how to evolve your business model:
- Do you reorient your business toward new, risky, yet potentially greener pastures?
- Do you lay off employees who can no longer create value?
- Do you replace your management team with one that can better face the future?
- Do you shut down operations that have served you well for years but are no longer economically viable?
…to read this article in full, visit leading US small business resource, Inc.
