industry & policy
to understand the significance of the financial information
at the board table. Similarly, there’s a big shift towards digital
marketing that’s been going on for some time. Many directors
may be unfamiliar with social media and digital marketing
capability, coming from a more “old school” background.
Tell-tale sign: Does your board actually have the right skill
composition, especially around marketing and finance? Do you
have too many specialists that either can’t see the big picture
or join the dots?
2
Your business model isn’t well developed
A business model typically defines the problem you’re
solving for your customer. It sets out the financial models to
solve that problem in a sustainable way. Your business model
needs to change to keep up with, and address, the shifts in the
marketplace. Your business model will particularly need to be
robust around financial management and integration of your
business processes. New ways of working will probably look
unattractive to your internal teams initially, but you need to be
committed to change.
Tell-tale signs: Do you know who your ideal customer is? Do
you have a good understanding of your profit formula and its
drivers? Are your key resources in place and are your business
processes well established and integrated?
3
You don’t understand/know your point of difference
The for-purpose sector has historically catered to the
masses, to help as many people as possible. But in this
changing marketplace, you need to focus on your point of
difference, particularly around customer intimacy. Following
the leader means you won’t stand out, even if you’re very good
at what you do. This is because everyone is playing the same
game and it’s more of the same from the customer perspective.
While being different means some people won’t like you, be
bold and dare to be different. And remember, your marketing
should cater to your ideal customer.
Tell-tale signs: Do you have a clear niche you’re
focusing on? How can you be different to the leader in
your sector? Could you set up a new business unit to
compete with yourself by using a differentiation model?
4
Your team isn’t embracing the new environment
Addressing the three problems above isn’t enough if
your team doesn’t embrace the changes. While change is
difficult for most people, change is necessary to survive in
the current market. Be aware of how much change your
team can handle, but also implement strategies to help them
get on board. And be flexible – your new world may not be
fully envisioned, and it’s okay to make changes as your new
business model unfolds.
Remember, it’s your people who create value for your
customer, and this value needs to be integrated with your
processes. Your people are your most important asset in
most respects.
Tell-tale signs: If you’re trying to be all things to all potential
customers, how can you possibly integrate your people and
processes to do all of them well?
Where to next?
The social sector marketplace has, and still is, changing. You
need to be aware of the changes and continually adjust and
revise your business model as the market unfolds. Focus on
learning and adjusting as well as executing. Don’t have a fixed
mindset, and allow for prototyping and mistakes.
If you’re showing any of the tell-tale signs above, take action
now. If you have the right board, the right business model,
are clearly different, and your people and processes are well
integrated, you won’t be caught out when the water reaches
boiling point! ■
Bruce Mullan is CEO and founder of The Purpose
Driven Group.
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