Mapping Your Business Model
5 keys to creating a dynamic and successful business model
Building a business requires a unique mix of being a Master Strategist and a Creative Genius.
Most of us probably find ourselves identifying more strongly with one or the other instead of both: we’re either really good at creating outlines and seeing the big picture, or we’re talented out-of-the-box thinkers who come up with captivating products and marketing concepts.
But it takes both sides of the coin to be successful. This is why we choose business partners who have strengths different than ours, and why we attend seminars and read books to grow our capacity as a business owner. No matter your personal tendencies, here are five keys to creating a dynamic business model.
1: Start with the why
Motivation is huge. Why do you do what you do? What values drive your business? Take an honest look at your company culture and see what the driving forces are – you might be surprised to see a disconnect between what you think your values are, and the values that are actually being acted upon. This might leave room for adjustment.
2: Do your homework
Nobody likes take-home assignments, but they’re critical to your success. Once you clearly understand your business why, it’s time to take a close look at the playing field. Know who your competition is and what their products and services are. Understand what sets you apart so you know how to position yourself in the marketplace.
3: Develop a plan
After measuring your research against your business’ why, begin planning what the business model will look like. The model should address, among other things:
- how you will be profitable
- what your objectives are
- how you will implement the plan
- how you will track your progress
4: Stick with the plan
Having a business model is great, but beware of letting it become one more piece of paper you never look at. Integrate the plan into everyday life and operations. Keep it in front of you and your employees. Talk about it and hold yourself and your team accountable to it.
5: Rinse and repeat
Developing your business model is an ongoing process. Some things will stay the same – like your values – but the way you execute your business should evolve as your business and your market evolves. Periodically (even annually) taking the time to examine your business model and evaluate what might need to change or adjust will keep your goals in clear focus. We do this annually (read about our process here).
There is no location of “arriving” when it comes to business success. There is always more to learn, always a better way to refine what you do, and there’s always a higher level to you can take your business to. Creating a roadmap for your business is a sure-fire way to set yourself up for growth as you pursue taking your business to the next level.
If creating a solid business model is a piece of the puzzle you’ve been missing, we have a few resources we’d like to share so you can continue doing what you do better:
• Propel Workshop: 3/28/13 – Developing Your Secret Sauce: A Strategic Roadmap For Your Business
Together with James Helms of Formitus, Jamie Teasdale will be facilitating an interactive workshop to help business owners identify their unique secret sauce, and develop a plan to make it a success. Learn more about the class and register here.
• 10-Stage Journey: Defining Your Business Model & Strategic Plan
This is a free document you can download. It takes you through 10 steps of how to develop a business model. Sign up to download it here.