This week I have had several conversations with clients about their business models. It seems to be a subject of increasing interest to many, largely driven by opportunities to automate their businesses and take advantage of new technologies.
But too many businesses stick with an outdated business model that frustrates their ambitions to grow and reach new markets.
I usually start the conversation with one of two questions: ‘How could you grow your business without working any more than you do?’ Or ‘How could you work less and earn more?’
Often the reply is that they can’t, but what this really means is that they can’t within their existing business model. It’s not possible to get a different outcome by doing the same as you’ve always done.
I'm not suggesting it is easy to change your business model; far from it, although there are some great tools available to help you such as the Business Model Canvas and here are some
questions to get you started:
- How do you create value to meet your customers’ needs? How have these changed?
- What are the biggest problems that you solve for your customers? How have these changed?
- Have new distribution channels opened up in your market? (Hint: the answer is yes, you just have to find them).
- Which of your business functions could you outsource?
- Which of your business processes could you systemise or automate?
- Could you create an information product to sell online?
- Do you have a ‘tribe’ who would subscribe to a membership site?
If you'd like a call with me to challenge your thinking about your business model you can book a time to suit you here.
To your success
Noel Guilford