Learn why it's important for your company's stakeholders to understand your business model - what you do and how you make money. To listen to the episode hit the play button. To download
Learn why it’s important for your company’s stakeholders to understand your business model – what you do and how you make money.
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The term business model was used a lot in the days to of the so called dot com era. It was basically a fancy way to say how a company made money. Whatever you call it strategy, value chain or business model, it’s important that stakeholders in your business understand what you do and how you make money so that you can run a successful business.
*Key stakeholders for your business are the owner, employees, customers, partners and suppliers all have a stake or interest in your business and how you make money and we explain why.
*Your business model has a broader reach than just you and your employees.
*Entrepreneurs need to have a clear understanding of their business model in order to communicate to all the stakeholders so that they are engaged.
*Employees must be clear on the business model so that their decisions, actions and attitudes align with your business model and the value proposition that you bring to the market.
*Suppliers and partners can bring more value to your business when they understand the key elements of your business model and we illustrate that with some examples.
*Even customers sometimes need to understand your business model and we show you why that is important to maintain loyalty and your value proposition.
*If an entrepreneur doesn’t feel his business model is clear to the key stakeholders, we discuss some steps to help get clear and work with stakeholders to understand and communicate the key elements that help make the business successful.
Resources and Links
Note: Links in this post may be affiliate links. Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.
Link to the Books mentioned in the episode:
Hundred Percenters: Challenge Your Employees to Give It Their All, and They’ll Give You Even More by Mark Murphy http://amzn.to/2erAPDv
Hard Goals: The Secret to Getting from Where You Are to Where You Want to Be by Mark Murphy http://amzn.to/2fBf3R7
Lisa Roberts is a business operations specialist who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track. You can learn more about her here .
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