Linda Hanson’s Blog

I just returned today from a conference in Reno where I was asked to speak on Business Models.  Consultants from all over the world attended my session as I shared ideas for changing their business model. A business model is simply the way you do business and make money.  Here is a peak at some of the steps that are needed to identify your current business model:

1.    Identify how you create value for your customers.

2.    Determine the group of customers and market segments you are targeting.

3.    Identify how you get business and repeat business and how you are better than your competitor.

4.    Outline how you provide your services/products to get revenue.

5.    Identify how you are positioned in the market versus your competition.

6.    Map the strategy you use at the current time based on your clients and the market.

Once you have a thorough understanding of your current business model you can begin to assess the changes you need to make to weather the current economy.  Think outside the box to come up with new ideas, choose suitable changes, implement them, and evaluate your model on a regular basis.