As we move into the final quarter of 2025, now is the perfect time to review your current business strategy and model, and consider any changes you wish to implement for the rest of the year.
As we all know, we live in an extremely dynamic environment. This is why it is important to revisit your business model more than once a year. Markets that were interesting and brought in a lot of revenue six months ago might no longer be a great fit and need to be reconsidered. Likewise, the customer segment that loved your product six months ago might not be as engaged anymore. This doesn’t mean you have to change your entire business model, but you should re-evaluate its effectiveness and identify the necessary changes to stay competitive in the long term.
To start off, a few basic questions will help you define the current status quo and in hindsight, refine your current business model:
- Is your current target market still the most promising one for the next six to twelve months?
- Have there been any significant changes in your industry or competitive landscape since January?
- Have any new customer needs or pain points emerged that you are not yet addressing?
- Which parts of your products and services still deliver compelling value, and which have lost relevance?
- What is the biggest opportunity that you should prioritise for the rest of 2025?
- What is the biggest risk if you don’t adapt now?
When exploring answers, think of business models as racehorses, each with its own unique characteristics, strengths, and challenges. You need to test and validate different approaches to see which one is most effective. For instance, the implications for marketing, operations, and pricing are completely different for a B2B model versus a B2C model. To capture and test these ideas, I often use Ash Maurya’s (2012) Lean Canvas, which provides a clear structure for exploring and validating different approaches (www.leanstack.com).
You can also draw inspiration from proven business models. Take Nespresso, for example: the machine is sold at a relatively low price, but the real profits come from selling capsules. This is the classic „Razer and Blade“ model, which is also seen in the shaving industry. Or consider McDonald’s: what if your business adopted their approach to operations, pricing, or marketing? You can read more on this in Business Model Navigator by Gassmann et al. (2014): www.bmilab.com.
Use the month of September to refine, test, and strengthen your business model, so that you can finish 2025 at full speed and enter the new year with unstoppable momentum.