The most successful companies constantly monitor their business for the internal and external impacts that will either positively or negatively impact their ability to grow. It's more than a ‘good idea’ that gets taken to market.
Areas of Focus
If your perceived audience cannot see themselves being helped by your offering, or you are not gaining traction with prospective clients, your business model may need some adjustments.
Whether it’s a new company or an existing company, a similar assessment needs to be done to prove that the sales “model is viable.”
Key sales and marketing factors for strong business viability:
• Build unique selling proposition
• Create stable customer base
• Ensure competitive advantage
When sales and marketing efforts are aligned throughout the company, research states that they generally see 24% faster revenue growth rates and 27% faster profit growth rates over a 12 month period.
If your operations are not in sync, the cost to the company can be large.
Key operational factors for strong business viability:
• Identify operational roles throughout organization to determine gaps for talent acquisition
• Formalize and document standard operating procedures (SOPs)
• Develop talent engagement and accountability strategies
• Standardize backup procedures for all areas of the business both client facing and internal.
• Determine any processes that create bottlenecks and change them, while building a plan for employee adoption.
• Look at all processes both internal and external with the lens of doing more with less
When operations are continually improved upon to create efficiencies, and employees are provided a path to embrace, the effectiveness of the organization is driven up exponentially.
When business technology is obsolete, not aligned, or difficult to manage, it creates risk to the organization that may not be recoverable.
Key technology factors for strong business viability:
• Transition to modern systems from legacy systems
• Create digital agility
• Build automation into various processes
• Move from manual to automated processes wherever possible
Technology alignment will provide a strong foundation for the inner workings of the organization to succeed.
Key financial factors for strong business viability:
• Stabilize cash and other reserve funds for both day-to-day operations and to weather higher-level fluctuations in the business
• Give ongoing attention to financial status to enable dynamic business planning
• Implement modern accounting software, processes, and tracking to generate accurate metrics
Creating a financial model to regularly track income and costs is just one useful tool for ensuring your company stays profitable. Don’t underestimate the need for tracking your numbers.
The viability of a business is measured by its long-term survival and its ability to sustain profits over time. The longer a company can stay profitable, the better its viability.
Changes in the macro environment as well as shifting technological, regulatory, societal, cultural, and socioeconomic trends can have big impacts on the viability of your business, both in the near and distant future. Staying in front of these continually moving pieces is critical to success.
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