Revisit Your Business Model

Eric Priceman is President of Victory. In his almost three decades in the awards and engraving industry, he has traveled extensively, both domestically and internationally, visiting customers and suppliers. He is happy to share his unique perspectives of the industry, both past and present. Please feel free to contact Eric by email at ericp@buyvictory.com or by phone at 773-637-7777 ext. 228.

You probably have a business model somewhere buried in the back of your head. This model is the blueprint of your business. Although it is the intention to follow this model, sometimes it is a model in theory more than practice. The model is the key to understanding your business and is what your day-to-day operations are ultimately based on. It is critical that you revisit this model periodically and assess whether the business is adhering to it. If not, then either the business has gotten out of control, or your model has changed slightly but will probably start working against you soon.

To properly understand a business, it’s important to understand its strengths and weaknesses. What does it do well? Can these strengths be leveraged to increase productivity and business? The success of a business is determined by people, product, and process. If you ensure that those three areas are strong, your chance of success is relatively high. Recognize the people critical to your business, implement streamlined processes that everyone buys into and understands, and make sure your product mix is smart and reflects the needs of your current and prospective customer base. These points serve as a good model to follow and mastering them demonstrates appropriate understanding. 

—Eric Priceman, Victory