The broken business model
Article by Eric Purvis, Director of TAA Planning.
The broken business model
… and why business owners are trapped in it
I’ve met many a business owner with this one big problem, no matter what industry they’re in. The problem is low revenue, low profit and too much time spent working in your business. At least, that’s what a business owner will say the problem is.
But the real problem is that the business model is broken.
What they want is increased revenue, increased profit and reduced time commitment. But what they actually need is a business model that works. Usually, the thing that is holding them back is a lack of knowledge.
They already have a strategy – but it’s a strategy that’s not serving the owner or the business well and its cost is time, frustration, stress and worry. The broken business model is characterized by:
No streamlined business systems
Less than optimal performance in one or multiple areas of operation
Stagnant profitability
No enjoyment from business ownership
Excessive, health-damaging hours directed at the business and yet it remains in stasis
Not enough time to work ON the business
What’s the solution? First, get informed. Get knowledgeable.
Seek information from the best independent and objective sources possible. You’ll need a team of trusted advisors like your solicitor, accountant, financial advisor, an insurance professional and maybe a business coach.
The next step is to take your business through three steps:
Focus on improving profitability
Work to build a strong management team
Systematize the business’ operations
As you work on these three areas methodically, and with the support of […]