​RETHINK YOUR BUSINESS MODEL

By Eliana Barriga
Publisher and Managing Editor for The Retail Observer

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Eliana Barriga

Consider using a start-up mentality
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Is it time to re-examine the many aspects of running your business? Whether your business is relatively new or multi-generational, ask yourself if your company is in line with the vision and mission statement you’d established when you started your business.

I am constantly inspired by the enthusiasm and energy of start-up companies. I wonder how well our businesses would prosper if we reviewed our mission statements and visions with a renewed focus.

Perhaps this is a good time to re-evaluate our day-to-day processes and revisit the entrepreneurial spirit which inspired us from the beginning. As time goes by, like anything else, we may become blind to areas that can be improved upon: our “house” gets dirty, dust balls accumulate—we get used to seeing the clutter and it becomes viewed as acceptable. We may get used our company culture the way it is right now, which may not be in line with our original vision.

So, maybe it’s time to take a moment to assess where you’ve been and where your company is now. Make sure that you’re not just drifting in a particular direction out of complacency—if so, adjust your sails to proceed full-steam ahead in the direction of excellence and growth. Even if your day-to-day schedule is booked solid, consider taking the time to pull back, look with fresh eyes, and examine the core of your business.

I often ask myself, what would Steve Jobs do? I am sure he was constantly reviewing and re-evaluating Apple’s progress. Is it time to take on new products or take the company in a fresh direction? How’s the temperature of your company— where are you, how are you forging ahead?

That’s where the SWOT analysis comes in as a valuable tool for plotting your company’s course. This analysis is a study to identify a business’ internal strengths and weaknesses, as well as its external opportunities and threats. It takes a snapshot of our companies: where they are strong, where they are weak, and where they are not aligned with our original goals and values.

After looking at your current vision and mission statement, you may find it antiquated—it may have worked 15 years ago, but may not fit today’s rapidly- changing climate. Our ability to adjust our course to reflect our renewed vision will help create a successful path into the future.

Onward and upward-
Eliana Barriga
​[email protected]

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