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You’ve probably spent lots of time perfecting a business model, and maybe it worked flawlessly for a while. However, the ebbs and flows of the market may require you to make some adjustments if an outdated model isn’t doing the job it once did. If you notice your company isn’t seeing the ongoing success and growth you had anticipated, what are the fastest, most effective steps you can take to figure out if there’s a problem with your business?
If you have a business, side hustle, or something brewing, this episode is for you.
In this episode we’re going to talk about something often overlooked: why your current business model isn’t working for you.
A business model is a company’s core strategy for profitably doing business. It’s an explanation of how you deliver value to your customers at an appropriate cost. There are many business models out there.
Some examples are:
And the list goes on! There are hundreds of business models out there to choose from. Today, we’d like to challenge you to take a step back and check if your current business model, or the one you want to use, will work for you.
It’s great to start a business, and it’s even better when your business is profitable. But once your business is up and running, you should reevaluate the overall cost of your business and whether it aligns with your wants and needs as a business owner. We believe that every business can shape its business model to create value for its customers, while also fitting into the lifestyle that the business owner wants to live.
Here are three strategies for determining whether your business model is in the money and has the ideal product market fit.
We have found it to be extremely helpful to ask what your ideal customer’s needs are. What are they struggling with when they’re trying to get those needs met? What would surprise and delight them?
Harvard Business School Professor Clayton Christensen’s Innovation Theory called Jobs to Be Done is a framework for understanding customers and their motivations for adopting a new product or service. The Christensen Institute explained in an article that customers often buy things because they find themselves with a problem they would like to solve.
Business owners can develop a product that is more precisely tailored to what customers are already trying to do, with a thorough understanding of the job for which customers are seeking a product or service. Engaging with your target audience to understand what job they’re trying to fulfill is thus an interesting approach to discovering new possible valley propositions.
Do you know why someone said ‘no’ to working with you? Do you know why they didn’t buy your product?
Finding out why someone didn’t buy can help you uncover if your business model works. You will need your customers’ negative feedback to understand how you’re doing, or what your buyers think of your product or service.
Getting feedback from people that said ‘no’ can be heartbreaking, but it’s also an eye-opening and valuable process
Enlisting the help and support of someone outside of your company, who is completely independent and has the necessary skill set to guide you through this process, is invaluable. Finding solutions to your customers’ problems can be difficult on your own, but finding a trusted ally to spar with, collaborate with, and co-create with, can make or break a small business.
Nothing is more frustrating than starting a business that you are unable to sustain. So, take a step back and ask yourself: Are your customers satisfied with your product or service? And are you happy to serve them in this way?
The three tactics from this podcast episode can be used to analyze if your business model is on the money and has the perfect product market fit, or if it could be tweaked.
Your business model can provide a more sustainable competitive advantage than your product features, or it can be your biggest risk.
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