A new year usually comes with the ‘new you’ tagline, but as the dust settles on 2020 – a year unlike any other – many entrepreneurs will be firmly focusing on their businesses.
January can be a cold, hard month, but it’s also a great time to step back, take a good look at your business model, and give it a shake-up. Naturally, we can handle day-to-day tasks while you get on with the smooth implementation of any changes, but how do you go about revamping your business model? Here are our five top tips:
Where’s the demand?
The seismic shock of last year hit many businesses hard, but it also saw diversification and pivoting on a new scale, as entrepreneurs took their bricks-and-mortar operations online, or quickly identified and met customer needs.
Taking apart your current business model and examining whether you’re fulfilling a particular demand is the first and most difficult task. It calls for honest answers to questions about what you create and the value you deliver, and if the demand isn’t there, it’s time to shake things up.
Is opportunity knocking?
Your next challenge is to seek out growth opportunities. How has the landscape you operate in changed? What trends have taken hold (think working from home) that present gaps in the market that you can fill?
Are these changes likely to be short-lived, considering the vaccine campaign has begun, or do they have a longer-term future. Identifying underserved areas you can move into is crucial to shaping the value proposition you can offer to customers.
Grab a helping hand
Changing your business model could also mean changing not just the way you work but what work you actually do.
If you’re keen to focus on specific areas but always end up bogged down by day-to-day tasks, then a virtual assistant is the one-stop shop you’re looking for. We have a wide variety of skill sets and free up time for you to crack on with making your business shine.
Get value from your data
Not every entrepreneur thrills at the thought of trawling analytics dashboards to find out who is buying what and when. But that data is key to ensuring your business model works.
It will give you valuable insights that can be fed into your business model. For example, is the payment process on your website easy for customers to complete transactions or is it a pain point to be addressed? The data can also help identify new or growing consumer trends, and whether or not rival businesses are meeting a need – or missing a trick.
Picking a platform
Your social media presence is another key part of your business model that may need an overhaul. It’s a world that never stays still for long and changes to platforms could mean the ones you use aren’t shared by your target audience.
Once you’ve identified the best platform(s) for your business and created social media campaigns that will inform, entertain and above all engage customers, we can help ensure your content is posted at the right time and place.
Speculate to accumulate
Arguably the toughest part of any business model is deciding how much money to spend on it. After the economic nightmare of 2020, it would be easy to pull the company purse strings tightly closed, but hang on a moment.
In revamping your business model, it’s worth taking an objective look at some necessary investments. Is your website looking old fashioned? Have your marketing materials passed their sell-by date? Would a software update actually make life easier? It’s worth considering a short-term outlay for a long-term benefit.
If you want to get 2021 off to a flying start, rather than be caught napping, Virtual Assistant Whiz offers vital admin support on an ad-hoc or regular basis. Contact us at info@virtualassistantwhiz.co.uk to get started.
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