We see businesses closing their doors all the time and this unfortunate circumstance even hits the businesses that appear to be healthy. How does this happen and how can business leaders stop the inertia that's driving their business into the ground?
Just before the Cleveland Cavaliers won their first NBA championship in 52 years, star forward LeBron James recalled that the favorite teams of his youth were sports dynasties such as the Chicago Bulls and Dallas Cowboys of the early 1990s.
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.