A successful finance brokering business had been through several recent changes and wanted to regroup and re-define its purpose, vision and business strategy. Though quite successful, it had aspirations for significant growth and wanted to maximise its opportunity capture.
We spent considerable time workshopping with the business owners, reviewing where they had been, what worked, what didn’t work and why, and what they wanted in the future. It was important that the business respect its past, share lessons learned, giving itself the freedom to unshackle from the past and move forward in an evolutionary manner. After dealing with the past, we were able to look to the future and develop the business’:
- Purpose (other than just making a profit)
- Core values and strategic beliefs
- Vision of success
Some businesses overlook the question of knowing where they’re heading and why. However, these are essential questions for motivating you to focus on activities that count. We conducted further situational analysis workshops to help the business better understand the:
- Broader business environment and trends that were likely to shape its future
- Forces that drive its industry’s profitability and how these were likely to change
- Critical industry success factors
- Industry value chain and the key choices for structuring the business’ value chain
- Business strengths, weaknesses, threats and opportunities
- Nature of competitors (who they were, market position, chosen business strategy, competitive advantages, etc.)
- Range of key strategic alternatives to achieving its business goals.
Ultimately, the client established clarity around:
- Its winning aspirations
- Where it was going to play (industry, market, segment, etc.)
- How it was going to win
- What capabilities it needed
- The management systems needed to succeed.
The client is in clear growth mode, recruiting staff and growing market share, revenue and profits. Through this work, it has also identified an entirely new business model that has the potential to disrupt the finance brokering industry. We’re now helping it commercialise this project, so watch this space!