1 Oct 2019, 17:02 — 4 min read
Background: In his previous article, Roshan Dsouza explained why in business having multifaceted skills can be a big boon. Here he explores the concept of 'business worthiness'. Just as credit worthiness determines if a company or individual is suitable to receive financial credit, business worthiness determines the long-term robustness of a business based on certain key factors.
Business worthiness. It sounds good, but what is it?
There are many companies that run on profits with their benchmark of success, but then there is a shift in PESTLE [Political Economic Social Technology Legal and/or Environment] and their world come’s tumbling down.
What is it that they missed? Are we able to predict the future?
They missed a lot and thereby could not hedge their risks. The future is changing ever more rapidly than it did a decade ago. The technological advancements and unstable governments are no happy ride for business owners.
‘Business worthiness’ assesses the organisation in terms of its values, principles and offerings. Businesses need to understand the market they operate in and create an environment for growth in the long run.
Life before the digital age was slow and advancements in technology were also slow. It would take decades before a notable change was witnessed in an industry. Times have changed, the changes within an industry happen every two years on an average and sometimes even faster. How do the traditional companies survive?
They have to make a change in the way they run their business. The change is not only in their product or service offering but also their outlook of understanding the customer needs and determining competition.
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These two pinnacles, customer and competition, create a need for the company to understand what they are doing today and how they plan to sustain themselves for the next decade or more.
Making a decision is difficult; it is even more difficult when you do not have all the data to process the information to make the right decision. The process of being in the right state of mind and making the best decision that will be suited for you and your organisation’s growth is key to your success.
‘Business worthiness’ assesses the organisation in terms of its values, principles and offerings. The financial earning is a result of the coordination of these terms to make the company successful or just exist with no growth. The story behind the financial numbers is what makes an organisation worthy to stand the test of time and grow without boundaries.
Businesses need to understand the market they operate in and create an environment for their growth in the long run. Business worthiness is a not short-term outlook and cannot make magic. Yes, companies can be turned around, earn the profits that you dream of with the right expertise. Expert firms like ours help assess your business from the heart of the operations to the nerves of your sales and distribution process. The market and competition can be tracked and monitored to notice any difference in the way the business can be expected to be in the coming years and changes can be suggested for you to action.
We at JARdens Capability Developers, have the skills and knowledge to help stabilize your growth with your support.
Also read: How SMEs can succeed in a digital world
Image source: shutterstock.com
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By Khyati Shah