Success and happiness is more than the amount of money you make. Success is accomplishing what you set out to do, be or have, like raising healthy children, saving lives as a doctor or making a specific income as an entrepreneur.
As you sit down to write your business plan, one of the essential elements to include is your business model. The business model is important because it explains your method of doing business. Your business model will also help you to clarify the purpose of your business.
As lady bosses, we sometimes find ourselves struggling trying to fit our voluptuous brains into a rigid, traditional business model that was never designed by or for women to begin with. My answer to this? Reject the model.
The term business model has been used repeatedly by many especially during the dot com boom. Some business models are basic and straight forward and date back many years depending on when the business was established.
The model is simple - you serve the needs of your core customers for free or almost for free. The core customer's activity creates a side-effect that can be harnessed to create value for another set of customers that are willing to pay.
Businesses that have a genuine sense of purpose draw customers to them and have guiding principles that see them through good times and bad. Therefore, they tend to grow sustainably and achieve long-lasting financial success.
As the Internet and mobile technologies have grown in importance, so has the concept of the business or product revenue model. Quite simply, a business, revenue, or product model delineates how a company will make money from its products.
Businesses should consider the ROI of academic programs related to their growth areas and what it could mean to the success of their model. Schools will have to move boldly toward hybrid classes -- whatever may drive the best outcomes towards preparing students for the modern economy.
Using a single form of organizational structure for all circumstances is like using a single tool for all situations. When presented with a tomato or a screw, we hit with our hammer. If only we had a knife for the tomato and a screwdriver for the screw, we would be more efficient and effective.