There are many reasons why your business can be stuck in the same position, and most of them are not spiritual. Sorry to disappoint you, but I’m increasingly getting bored with a society that is filled with prayer warriors but is still grossly unproductive. I have a personal relationship with God, and I converse with God daily, but this is not an excuse for disobedience. Many people of faith are living in disobedience, not taking enough action to match their prayers.
So what can someone do whose business seems to be behaving like the children of Israel – encamping around the same mountain for a long?
There are many things you can do, but I think we can address one factor per time so we don’t make each conversation too long.
The first thing I believe you should do is reassess your business model. You can evaluate your current business model to determine if it is still viable and aligned with market demands and consider making adjustments to your products, services, pricing, distribution channels, or target audience to better capture growth opportunities.
The fact that your business was a real need many years ago does not mean that it’s a real need today. Business people usually think they should stick to the business they started with and not reassess it from time to time if it’s still a viable business. Don’t fall into this trap.
Here are a few questions that will help you dig deeper into assessing your business model.
- Is your value proposition still in high demand?
- Has your old target market outgrown your product? Do you need to target a new set of people?
- What are your revenue streams? Are there opportunities you have left on the table?
- Is your cost structure efficient? How efficient?
- Are there industry trends you need to be aware of?
- Are your channels performing optimally?
All of these questions are based on only one key factor, reassessing your business model. Once you do this, it will throw up many opportunity areas that you can work on to make your business more viable and able to break the invisible glass ceiling.
In subsequent conversations, we’ll talk about innovation and adaptation.
Hope this is massively useful. Share with your friends and family.
Kind Regards,
Adeolu Akinyemi.
