How do you know when to refresh your business? – by Kelly Davison

These three tell-tale areas may provide some answers. Consider how the behaviors of consumers have changed and how that may impact the role your business plays in their lives. Does your business continue to attract the talent it needs to stay competitive?

Ask yourself these questions.

Behavior Shifts

What are the top unmet needs of your customers?

What other models are serving the need of your customers? (i.e. outsourcing, in-house, DIY) or other substitutes that signal needs aren’t being met?

Why might customers be balking or hesitating? Price or fees?? Is there a common frustration that a competitor might leverage into offer an alternative solution?

Are customers really being loyal or are they just captive? Would they leave or find another way if they could?

Role Shifts

How might technology begin to simplify how customer needs are met? Where does that leave your business?

What resources or processes are changing due to external forces?

How many new companies are entering your market?

What assumptions are you making about what you are offering and how you offer it?

Is the role of your product or service changing due to external forces?

Talent Shifts

Will fulfilling customer needs require new skill sets?

Do you have the right people with the right skills and the courage to step into something new?

Is your business attractive to fresh talent?

Are you taking responsibility fully to engage and offer then what THEY need?