In the past fifteen years, I have been blessed to be given the chance to work closely with successful business owners locally and regionally, by overseeing their personal wealth planning.
It has given me many opportunities to observe the importance of having a proper business model.
We constantly observe the rise and fall of businesses in critical times. This has become even more prevalent in an age of constant technological developments.
I remember how impossible it was to spend a whole day out without cash in my pockets.
Now, it all just seems like a time of the past as we live amongst e-payment and credit storing applications (e.g. WeChat Payment, Ali Pay, Grab, Fave, etc.).
How did this happen, and what does it mean for traditional businesses? Should all businesses be more versatile, expand, and cross industries? What if there are limited resources? How else can businesses adapt to the shifting markets? How can we meet this demand with limited resources?
A guide for maximising your resources
Have you ever wondered why big companies or conglomerates seem to have unlimited resources? Previously, when I was self-employed, I often wondered about this when I had to source for alternative means to make ends meet.
I thought to myself, surely not, they always have so much more than they really need.
Now, as I observe my clients who are business owners, listen to their worries, and plan their finances, I realised that resources are scarce on all levels. What makes or breaks a business does not hinge on its ability to catch up with the changing times. Rather, it is how a business maximises its available resources.
On this note, I have put together a guide, based on my observations, on how some of the most successful businesses smartly strategise the distribution of their available resources.
Applying this guide
First, ask yourself this: What are the available resources you can use as leverage, by incorporating it into your business model?
For example, are there other businesses which have the expertise and resources you need? Perhaps there are already resources available online. Some brands have even shifted their businesses online in order to cut costs.
Second, in order for these available resources to be proper solutions, it must suit the needs of your business, and you.
To do this, you might want to ask the following questions each time you consider introducing something new (i.e. strategy or method) into the company:
1. Would you follow through?
Find out who you are as a business owner. There is no one type. Companies succeed when the brains of the operation are candid about who they are. This helps them to foster the appropriate environment for the business to thrive as a whole. Knowing who you are will change the way you make decisions.
After having a good sense of who you are, ask yourself if you can see yourself following through with this new strategy that you intend to implement.
2. Is this beneficial for your brand?
What are you doing with your enterprise? Be honest with yourself and be clear with what your organisation is truly about. This clarity will shine the light on the necessary decisions you must make for your business, and help you assess if these decisions will be beneficial or harmful.
The last thing you should do is to adopt business trends or strategies without thinking twice, it can be hard to erase any damage done to your brand.
3. Does this highlight your key differentiating factor?
What do you bring to the table that no one else can? How can you make people see this? If your business is prized for being innovative, will you be seen as a leader by taking on this new strategy? Can you do better? Will it positively change the way people view you?
It's all about fit
I close off with my favourite phrase: one man’s poison can still be another man’s cure.
How you manage your business structure will determine how high the glass ceiling is placed. I do believe that the sky can be the limit with the right business model.
Knowing yourself well is necessary. Most times, it can lay a sufficiently strong foundation for you to scale your business to greater heights.