Determining the core business involves analyzing various aspects of the company. Here are some steps to assist in this process:
Market Research: Conduct thorough market research to understand customer needs, preferences, and trends. This can help identify the primary demand that the business can fulfill. Assess Strengths: Evaluate the company's internal strengths and capabilities. What are the key skills, technologies, or processes that differentiate the business from others? Analyze Revenue Streams: Examine the different sources of revenue and determine which products or services contribute the most to the company’s bottom line. Feedback: Gather feedback from customers, employees, and other stakeholders to gain insights into what is valued most about the company’s offerings. SWOT Analysis: Perform a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to get a comprehensive view of the business environment and internal capabilities.