A business model is like a blueprint for a strategy that defines your customers, your value proposition, the infrastructure and the model’s financial viability.
Together these elements provide a pretty coherent view of a business’ key drivers that lead to making your product or service easy to buy, makes the customer happy and keeps them coming back for more.
What you want to achieve in this regard, though, is to have a SCALABLE business model. Investopedia defines a scalable business as follows: “Scalability, whether it be in a financial context or within a context of business strategy, describes a company’s ability to grow without being hampered by its structure or available resources (i.e. costs) when faced with increased production.”
We find that for a business model to be scalable, it must have the following 3 elements:
1. It must obviously unlock and deliver a compelling value proposition or even better, Product-Market Fit Value for its customers.
2. The delivery of that value proposition must be teachable to others. If you are unable to teach others in your business to offer that value and you are the only one who can, then your business will only scale as far as you can handle the number of customers on your own or through your small team. The more people in your business know how to offer the value proposition, without having to increase related costs, the more your business can scale.
3. Your business model must be repeatable for your business and customers. Meaning, it has to be such that your customers keep coming back to buy from you. They could be coming back daily, weekly, monthly, every quarter or even yearly. But you need that element of repeatability.
Just about every business can be turned into a scalable high-growth business through business model innovation.
Is your business scalable? If not, we’d love to show you how you can achieve scalability. Book a FREE 1-hour consultation using this link: https://meetings.hubspot.com/kkdiaz1
To your success