Driver 4: Business Model

Your business model refers to the plan you use for making a profit. A business model is different from a strategy, it’s more the means that you are using to affect or achieve your strategy. The model encapsulates a business-whole integrated approach. All businesses must make money to survive, and your business model is central to how you are going to generate revenue and reach profitability. If we think about the business model as a growth driver, endless opportunities can arise. You have the opportunity to ask question yourself and continue to improve and develop your business model as you go. Most people start off with models that are focused on one or possibly two revenues streams and are quite limited and risk-prone if one of those revenues were to decline.

You have the opportunity to continually think about your money-making approach.

If you put yourself in the shoes of your clients (remember to consider the different kinds of client, you interact with) then you can understand what additional products or services may be beneficial to add to your service lines. Consider asking yourself these questions on a regular basis:

What else does your client buy before, during, after, or instead of your product or service?

What opportunities can you take with this to leverage your offering or generate another stream of income?