9 crucial components of an ironclad business model
Whether you’re a startup looking to nail down your basic business plan or a more experienced company plotting a new “game-chaging” disruptive business model, you’re going to want to keep these nine crucial factors in mind to help you create an ironclad business model.
See a few of author Matthew E. May’s key elements below:
- Value Propositions—An organization serves one or more customer segments. Key Question: For whom are we creating value? Who are our most important customers?
- Revenue Streams—Revenue streams result from value propositions successfully offered to customers. Key Questions: For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How does each stream contribute to overall revenues?
- Customer Relationships—Customer relationship are established and maintained with each Customer Segment. Key Questions: What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model?
More on all nine at Open Forum.
Photo credit: FotoliaPosted by Catherine Faas