Tradition vs Innovation: Navigating Business Model Relevance
Andrew Mattner • February 29, 2024
Introduction: The Challenge of Relevance
Over the years, I have challenged several clients and other business owners about the relevance of their current business models.
What I am effectively asking in that question is, given what you do today, no matter how profitable, will it still be effective and valuable in 5 years’ time?
The Reality Check: Embracing Difficult Questions
People find this a challenging and at times an upsetting question because the answer may be a brutal reality no one wants to face. It has upset some clients so much that they have chosen to cease using the services of our business.
Why Ask Tough Questions?
Given this, why ask the question?
The simple answer is because it is the right thing to do. The economy and business world are moving so fast that no matter your level of success today, how confident you are in your business model, how much profit you make, how good your relationships are with customers and suppliers, things change.
The Ever-Changing Business Landscape
What is the status quo today can be very different tomorrow.
The reality is that technology, labour markets, outsourcing, currency movements, and other factors change so quickly that opportunities for new market participants open up every day.
Rupert Murdoch said it is no longer a matter of the big eating the small, instead, it is a matter of the fast eating the slow.
The Importance of Regular Strategy Review
Therefore, it is critical that businesses regularly review their strategy so that they can pivot and adapt given the rapid changes afoot.
A Cautionary Tale: I share an example where a failure to adapt led to a business becoming irrelevant and financially untenable.
Staying Ahead: The Role of Continuous Strategy Reassessment
The most successful businesses revisit their strategy quarterly to ensure that it remains relevant. This enables them to identify issues and make changes to stay ahead of the game.
Our Approach to Ensuring Business Model Relevance
Our process assists business owners to put robust structures around their business models so that they not only survive but thrive in a fast and ever-changing business environment.
Conclusion: Thriving in a World of Change
If you would like to know more or are interested in ensuring your business model remains relevant and competitive, please contact our office and book a session with one of our advisors.
Please contact our office and book a session with one of our advisors
With Christmas and new year just around the corner, many businesses are gearing up for the silly season — end-of-year celebrations, long lunches with clients, team parties, and well-earned holidays. Annual leave requests are coming in hot, OOO messages are being drafted, and for many teams, the countdown to a much-needed break has begun. But for a lot of business owners, that picture couldn’t be further from reality. While the rest of the team head off to enjoy quality time with family and friends, many business owners are left holding the fort — keeping things running, solving last-minute issues, and carrying responsibilities no one else sees. And instead of winding down and celebrating the year’s wins, it’s common to find yourself focusing on what didn’t get done; the goals that slipped, and the momentum that never quite arrived. Amid all the noise and pressure, it’s important to stay prepared and still find pockets of time to disconnect and reset. Here are five practical ways to survive the holiday season and step into 2026 feeling more in control: Plan Cash Flow Early: Map out everything that hits in December and January — wages, leave accruals, BAS, supplier invoices, quiet periods, and expected payments. A cash-flow forecast can prevent unnecessary stress and keep you in control. Clear Communication: Let your clients and team know when and if the business will close over the holidays, any reduction in hours, expected response times, and emergency contact details. Delegate and Protect Your Time Off: Even if you can’t switch off completely, protect at least some genuine rest time. Identify what must be done by you, what can be scheduled, and what can be handed over. A few days of real rest often does more for your clarity and decision-making than weeks of “sort of” being on holiday. Celebrate the Wins: Even if the year felt tough, find time to celebrate the small wins - the hard conversations, projects completed, strengthened relationships and the lessons learned. Business owners often skip this step — but recognising progress builds momentum going into the new year. Reset Your Direction: Use this time to work out what you want achieve next year - both in your business and in your personal life. Is it to make a new hire so you can spend more time with the family? What needs fixing? What needs to be improved, and what can you let go? If this year has left you feeling stretched or stuck, you don’t have to walk into next year the same way. At Your Success Lab, we help Aussie business owners get clarity, stay focused, and build a business that works for them — not against them. Our team of expert advisors can help you break free from business owner jail, and allow you to work on the business, not in it.
In the fast-paced world of business, growth is not just a goal but a necessity for survival. However, achieving sustainable growth requires more than just a great product or service—it demands a deep understanding of your ideal customer. By comprehending their needs, buying habits, and profitability, businesses can craft strategic development plans and sales strategies that pave the way for success. The Significance of Knowing Your Ideal Customer Understanding your ideal customer profile is akin to laying the cornerstone of a sturdy building. It provides a solid foundation upon which all your business decisions can rest. Without this fundamental knowledge, your efforts may lack direction and effectiveness. Here’s why knowing your ideal customer is crucial: Tailored Solutions: Every customer is unique, with specific needs and preferences. By understanding your ideal customer profile, you can tailor your products or services to precisely meet those needs. This tailored approach not only enhances customer satisfaction but also fosters loyalty and advocacy. Efficient Marketing: Knowing your ideal customer enables you to target your marketing efforts more efficiently. Instead of casting a wide net, you can focus on channels and messages that resonate with your target audience. This targeted approach maximises your marketing ROI and minimises wasted resources. Strategic Expansion: As your business grows, so does the need to expand into new markets or demographics. Understanding your ideal customer profile allows you to identify new opportunities strategically. Whether it’s entering new geographical regions or catering to different customer segments, this knowledge guides your expansion efforts for maximum impact. Delving Deeper: Needs, Habits, and Profitability To truly understand your ideal customer, you must go beyond surface-level demographics. Delve deeper into their needs, buying habits, and profitability to unlock valuable insights that drive business growth. Needs: What pain points does your ideal customer experience? What solutions are they seeking? Conduct thorough market research, surveys, and customer interviews to uncover these needs. By addressing them effectively, you position your business as a problem solver, earning customer trust and loyalty in the process. Buying Habits: Understanding how, when, and why your ideal customer makes purchasing decisions is crucial for shaping your sales strategy. Analyse data from past transactions, track customer behaviour across various touchpoints, and leverage analytics tools to gain insights into their buying habits. This knowledge empowers you to optimise your sales process and enhance conversion rates. Profitability: Not all customers are created equal when it comes to profitability. Identify your most valuable customers—the ones who generate the highest lifetime value—and focus your efforts on attracting and retaining them. Conversely, recognise and mitigate the impact of unprofitable customers who may drain resources without providing adequate returns. Building a Strategic Business Development Plan Armed with a comprehensive understanding of your ideal customer, you’re now ready to develop a strategic business development plan. Your Success Lab helps businesses move from knowing their ideal customer to leveraging that knowledge through structured strategies, repeatable systems, and measurable development plans. Get in touch with us today to start pinpointing your biggest opportunities and to develop your targeted customer growth plan.
Luck. It’s a word that elicits mixed emotions in business. Some entrepreneurs downplay its significance, chalking up success to hard work and strategy. Others attribute failures solely to misfortune. The truth lies somewhere in the middle: every business owner experiences luck events, both good and bad. But what separates thriving businesses from struggling ones is the ability to generate a return on that luck. Good Luck: Leveraging Opportunity Good luck often appears as a favorable product-market fit, an unexpected economic boom, or a viral moment. It’s easy to bask in the glow of these fortunate events, but the real question is: what do you do with them? Recognise It: The first step to leveraging good luck is recognising it. Sometimes, luck doesn’t come with flashing lights and sirens; it might be an emerging trend you’ve stumbled upon or a partnership offer that’s better than it seems at first glance. Act Fast: Luck is fleeting. A surge in demand for your product or service won’t last forever. Scaling operations, locking in advantageous contracts, or doubling down on marketing while momentum is high can turn a stroke of luck into lasting success. Build Resilience: Use good luck as a springboard to fortify your business. Invest in systems, people, and processes to ensure you can weather less fortunate times. Bad Luck: Turning Setbacks Into Growth Bad luck is inevitable. A key supplier goes bankrupt, a pandemic disrupts your industry, or a competitor undercuts you on price. While you can’t prevent bad luck, you can control your response to it. Stay Calm and assess: When bad luck strikes, panic is your worst enemy. Take a step back, evaluate the situation, and determine the scope of the impact. Often, the initial shock of bad luck feels worse than the actual consequences. Adapt quickly: Businesses that survive bad luck are those that adapt. This might mean pivoting to a new market, renegotiating terms with stakeholders, or finding alternative suppliers. Flexibility is a key determinant of whether bad luck becomes a temporary setback or a business-ending event. Extract lessons: Every unlucky event has a lesson. Maybe it reveals a weakness in your supply chain, a gap in your market research, or a flaw in your risk management. Use these insights to build a stronger, more resilient business. Luck’s ROI: A Key Differentiator Luck, good or bad, doesn’t guarantee a particular outcome. It’s what you do with it that matters. Imagine two business owners hit the same patch of bad luck—a major client unexpectedly cancels their contract. One panics, cuts costs indiscriminately, and demoralises their team. The other uses the opportunity to refocus on customer diversification and emerges stronger. Similarly, consider two entrepreneurs blessed with good luck—a product that suddenly becomes the darling of social media. One celebrates the spike in sales but fails to invest in capacity or customer retention. The other uses the windfall to build a scalable infrastructure, cementing their position in the market. Luck Favours the Prepared Preparation doesn’t eliminate luck, but it does strengthen your ability to take advantage of good fortune and soften the blow when things go wrong. Businesses that plan for uncertainty, stay agile, and stay focused on long-term strategy turn unpredictability into a competitive advantage. That’s exactly where Your Success Lab comes in. We help business owners build the structures, strategies, and financial resilience they need to handle whatever comes their way. From unexpected opportunities to sudden challenges, with the right planning and support, uncertainty becomes something you can navigate confidently, not fear. So the next time luck strikes, good or bad, ask yourself: “ What’s the return I’m generating on this?” Because in business, it’s not the hand you’re dealt that matters; it’s how you play it. If you want to strengthen your business against the unexpected and make smarter, more confident decisions, Your Success Lab is here to help. Book your free 15-minute clarity call and start building a business that’s prepared for anything.
