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If the past two years have taught us anything, it’s the importance of building a resilient company. That requires leaders to think strategically and dedicate more time to working on their business versus in their business, according to Jennifer Kovach, director of the Jim Moran Institute for Global Entrepreneurship’s South Florida Operations.
Every business model has a product and/or service at its center that delivers value to its customers. To that end, Kovach recommends leaders start by assessing the effectiveness of their value proposition in execution. To be successful, business leaders need to prioritize the value propositions their customers want and excel at them. Getting crystal clear on understanding your business model is key.
“I like to use a tool called the Business Model Canvas, where you map out your business on a one-page diagram,” Kovach says. “Going through this process, you immediately gain a bird’s-eye view of your company. Your strengths and opportunities stand out as well the gaps — your weaker areas and potential threats.”
The information gleaned from understanding your business model and value proposition will support strategic decision-making and enable you to create a more resilient and profitable business. These fundamentals are essential to any operation, regardless of the industry.
It is also important to seek out external resources. Fortunately, as part of Florida State University’s College of Business, the Jim Moran Institute for Global Entrepreneurship has a wealth of opportunities available to expand one’s horizons. For instance, its two no-cost flagship programs in South Florida — the Small Business Executive Program and the Nonprofit Executive Program — help graduates leave the program ready to capitalize on business opportunities, implement best practice management and turn challenges into strategic advantages.
☑ RESILIENT BUSINESS CHECKLIST
- Great value proposition
- Loyal customers
- Long-term gains valued vs. short
- Recurring & diverse revenue
- Paid first before incurring costs
- Lower costs than competitors
- Protected from competition
- Embraces innovation
- Diverse & valued staff
- Redundancy & emergency systems
- Adaptable operations
- Grows & scales easily