Defining one’s business accurately is the real starting point when talking about businesses for sale. It is the prime requisite for selecting the right opportunities and for steering the corporation in the right direction. To make sense out of the multifarious changes taking place in the environment, to understand what is a possible benefit and what could be a hidden threat, a corporation must first understand what business it is in. It must know what its aspirations are, where exactly it would like to reach and what it would like itself to be in the future.
Proper definition of the business does bring several benefits to the firm. It reveals to the firm many relevant functions about its functioning which it may not be aware of otherwise; many closed assumptions get tested. It brings to the fore the weaknesses, if any, in the very conceptualization of the business by the firm. It also highlights the errors in judgement that might have already taken place on any of these aspects. Most importantly, the exercise invariably brings the purpose and objectives of the business into a clearer focus.
Defining one’s business has become an exacting exercise today because of the fast changes taking place in the realms of technology, products and customer preference. When product-market boundaries get extended, when different product categories of yesteryears blend and merge and when new and substitute products keep invading the market, altering the existing business boundaries, understanding and defining one’s business becomes difficult.
In other words, as business boundaries are becoming highly volatile, unless one is careful, one may err in identifying the nature and boundaries of one’s business. The more narrowly a corporation defines and perceives its business, the larger are the probabilities of its running into loss. When the definition of the business is narrow, quite naturally, the assessment about the competition will be narrow, and the vision of the likely changes that will invade the business and of new opportunities that will spring up in the business will also be narrow.
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