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 ...
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Even though we know the benefits of systemising more of our business, who really wants to do it?
Here are 3 easy ways to get your team systemising more of your business:
1. Start small
Ask staff to draw up a checklist or flowchart that shows the key elements of the process. This is easier than writing a detailed procedure (ugh!), and the summary checklist or flowchart can be used as a discussion tool to flesh out more detail where needed.
2. Start positive
Resist the urge to focus on a problem area. Start with a process that works well as your team will be more comfortable showcasing an area they feel good about.
3. Use their efforts
Make sure you use what they have prepared positively, ...
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How to make discussing performance easier
John Petry, a participant on one of our training courses, gave us this great idea and has generously allowed us to pass it on ever since.
Every Friday, John gives out the 'Chocolate Fish Award'
A chocolate fish is given for the most outstanding act by an employee during the week.
Outstandingly good, or outstandingly bad.
The Chocolate Fish Award is usually fun and has some serious benefits, it:
recognises achievement regularly and positively
makes it OK to acknowledge mistakes, and encourages "what to do next time?" thinking
provides staff with a neutral name and way to discuss performance - “oh you must be aiming for this week's chocolate fish" Or "what a doozey! That will be this week's winner for ...
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There is only one thing more important than strategy, but unfortunately it is often overlooked, or even forgotten. So what is more important than strategy?
The results your strategy is designed to deliver.
We have seen organisations become so focused on implementing their strategy that they forget about the original results their strategy was designed to deliver.
We call this being 'activity-based', rather than 'results-baseed'.
'Activity based' is where the focus is on planning and completing activities.
'Results-based' is where the focus is on achieving results and activities are assessed in the context of what impact they make on the results.
Results are what matter. Results are what your strategies are designed to deliver.
Avoid getting sidetracked by all the activity
It is easy to get side-tracked by activity. Activity is the ...
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