The illustration above shows a business with Core Knowledge as a Viable Business in its marketplace. Its current business abilities coupled with its core knowledge concerning its product offerings are allowing the business to maintain its position. However, significant growth has stalled because key constituents perceive the business’s offerings to be in need of updates and additions and because the overall efforts are not being delivered from one vision, one voice, and from one concerted team approach. Implementing an integrated business management approach and new program offerings are required to effectively reposition the business.
To improve its overall effectiveness the business should develop a “High-level Vision-Strategy Plan” that drives rapid growth in the fastest growing need areas in the marketplace. This plan should introduce practical and measurable steps to create an improved growth curve by providing them with solid staff-to-external audience training that is synchronized with the time commitment each is comfortable committing to.
The Primary Elements of the Strategy Plan
In this particular case, a new Business Model should be considered. This will maximize the impact for a new approach and allow the business to intersect what it knows “Knowledge” with what it can do “Strategy.” The primary elements of the business model should include the following:
- Strategy— the big idea that will drive change
- Structure— the optimum business structure that will support the new change
- Processes— the programs and product routes to be taken for effective delivery
- People— the specific people on the team that are required to lead and manage the change
- Rewards— the incentives all employees will be offered for developing and promoting change
Each business demands a different business model. Often as a business grows its business model requires modification or change. For instance, operations under a low-cost model should be lean and highly automated. High-value offerings demand quality processes that should be exceptionally versatile to meet rigorous client needs.
Knowing how much you would like to grow is one other key to a successful strategy. Your business model should reflect a realistic and practical path forward to move your business from its current position to its next. This demands an honest appraisal of the knowledge the business truly possesses and the strategic ability to put it into action. Once these are understood you will have a solid foundation to update or design a new business model.