Do you really understand your business model?
Describing what you do to someone may be one of the hardest things you do each day. If this task is hard to define and make clear to a potential customer then what does that say about your business model? Not only are entirely new business models possible, they are also necessary for survival.
Is your business model defined by how much revenue is earned within the company? Or by how many new products you can introduce to customers a month? Or can it be the number of clicks you receive daily on social media. Sources have defined a good business model as a big picture that captures a snapshot of the enterprise and communicates direction and goals to all stakeholders.
Whether you are a business owner just getting started or reinventing the structure of your business allow time for breaking down your business model into components that give an operation definition. Let the message be clear internally and externally as this will support in building a business following and the overall identity of the business. This model may include elements that describe the organization's unique culture such as,
Let's not forget industry competitors or suppliers in the design of your business model. Two businesses that sell the same product or service but can have quite different business models. Many types of business models exist but as a unique business leader which features will you develop?
As part of your planning or updating phase here are just a few business models to consider:
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Source: Reinventing Your Business Model
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.