Your business model is the underlying structure of how your business creates value. But what does this really mean? And why is understanding your business model important?
What is a business model?
Your business model is the underlying structure and organisation of your business activities. It defines in general:
Who your key stakeholders are
The value you provide to your stakeholders
The relationship you have with your stakeholders
The channels and resources you will use to deliver value to your stakeholders, and
how all of the above differ from your competitors.
Why is your business model important?
Your business model is important as it defines the parameters of what your business can, and does, do. Your business model influences your strategies.
For example, your business model defines your customer stakeholder groups, ...
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Businesses follow a common path of development as they grow.
Each stage of business development has its own unique challenges to overcome and requires different management skills.
There are three main stages of business development:
Startup
Adolescence
Maturity
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How to identify your stage of business development
The above sales turnover and staff numbers are just a guide. We have worked with businesses with 120 staff, that are still at the adolescent stage.
The best way to know which stage your business is at, is to review the below challenges, and see which group you identify with the most.
Start-up Challenges:
Surviving!
Finding sales opportunities
Converting sales opportunities
Managing cashflow
Juggling many hats
Appearing professional
Dealing with the admin/paperwork
Overwhelm! Everything is new
Adolescent Business Challenges:
Getting the work done - properly and profitably
Dealing with the ...
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