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Engineered to win: five business design essentials
Whether you’re starting out or striving for the next level, these five essential tips will help you to design a winning business.
3 minute read
Highly successful businesses have one fundamental thing in common: great design. What starts with the clever, considered design of a product or service, extends to thinking just as much about the whole ecosystem of the business.
What follows are five essential tips to apply when it comes to designing, or stress testing, your business.
Get objective – challenge your bias
How might someone else in your industry perceive your product or service? What might be the perspective of an intended retailer? Reflecting objectively and asking for feedback is a great way to challenge your natural bias. The information you get will give you an edge when it comes to both reducing risks and optimising opportunities.
Get up above – explore all angles
To gain the helicopter perspective that guides great decision making, look at what is happening in the market locally and internationally, from every angle you can think of. Consider the impact of trends and changes in consumer culture, and what’s happening in the industries that intersect with yours. Charting competitors is a useful activity too – this helps assess your position in the landscape and how you want to act relative to your competition.
Competitive landscape
Test, learn, test again
Testing is not just for start-ups; well established businesses have an ongoing test and learn practice too. Validate different combinations of elements available in your go-to-market plan, from pricing to promotional choices and target audiences. Try some things, learn, and try again. This is one of the most powerful ways to inform your overall offer, and it enables you to optimise as you go.
Bake in agility
The only thing you can be sure of in business is change. Businesses that can move quickly with the market, including the decisions of regulators and the actions of competitors, are much more likely to last. Being ready for change might involve thinking about how you structure a supply agreement (for example, with an inflation clause) or having key scenarios mapped out, with action plans that are ready to roll.
Plan to get into, and out of, relationships
Having the right people in your corner can have a huge impact on your business. From alliances to advisors, taking the time to find and connect with the right people is key. When it comes to partners and investors, having clarity on what the value proposition is for you and for other stakeholders is crucial. As is a plan to end the relationship, if for any reason, either party needs to make a change.
With the application of these five essentials, you can design your business to house and grow your product or service, for long term success. You may also want to consider working with an independent business strategist to apply these tips and help set you and your business up for success.
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This article is solely for information purposes and is not intended to be advice with respect to any matter discussed in it. If you need help, please contact BNZ or your professional adviser. Neither BNZ nor any person involved in the material accepts any liability for any direct or indirect loss or damage arising out of the use of, or reliance on, all or any part of the content.