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How to regain Confidence in your Business Model

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There’s nothing wrong with having doubts about your business model from time to time.

In fact, it’s good to question what you’re doing and double check you’re on the right track. Talking to other business owners can help, but a good starting point is to check that you’ve got the basics in place.

Even if your business is growing steadily, there are always improvements you can make to improve efficiency and get better at what you’re doing.

Published in: Business

How to regain Confidence in your Business Model

  1. 1. How to regain Confidence in your Business Model
  2. 2. So you’re wondering whether you’ve got the right business model?
  3. 3. Perhaps you’re worried you’re being a busy fool?
  4. 4. Perhaps you are not sure if you have the right kind of customers?
  5. 5. There’s a lot of things you might worry about - to name a few: • Is my pricing right – am I charging too much or too little?
  6. 6. • Is my offer right?
  7. 7. • Have I got the right products or services?
  8. 8. • Who should I be selling to and how do I find them?
  9. 9. • When should I bill and what payment terms should I offer?
  10. 10. • How can I keep my customers happy and coming back for more?
  11. 11. • I have more customers but my overdraft is increasing each month!
  12. 12. So where do you start?
  13. 13. Well we’ve already started to gain control by knowing what we stand for and why we are in business – see the ‘How to Regain Business Direction and Focus’. Click the image to get your copy
  14. 14. If your Core Purpose is correct it should be what you are passionate about and what drives you.
  15. 15. The first step to regain confidence is to place what you are really good at, at the core of your business.
  16. 16. • Of all the things you do for your customers, what is it you do really well?
  17. 17. • What could you be the best at in your sector - or if not the best, one of the best!
  18. 18. Ideally this would be something that would be scaleable because this will allow you to grow with confidence –
  19. 19. – so check these three things against your key products or services to help you chose what you should focus on: • Is it valuable/do your customer perceive the value in your ‘offer’ or is it viewed as a ‘commodity’?
  20. 20. • Is it something that clients might come back to you for more of or that might lead to additional service or product sales?
  21. 21. • Is it something that is teachable – that does not rely solely on your skills or experience?
  22. 22. So your focus product(s) or service(s) should fit with what you are great at and should tick the boxes for scaleability.
  23. 23. • Now you think you have a focus and the beginnings of a rekindled confidence, get a booster shot:
  24. 24. • You will already have a good customer who has bought this service
  25. 25. • See if you can get some ‘coffee’ time and ask for their help!
  26. 26. • “I want to grow and I’m thinking of focusing on this service with customers like you - -If you were in my shoes how would you go about it?”
  27. 27. • And if this all checks out, the final confidence booster is that people are willing to accept your payment terms.
  28. 28. – Avoid the cash ‘guzzle’ – charge upfront or bill in stages. Don’t bill at the end and offer long payment terms! • If you do, the faster you grow the more cash you will need!
  29. 29. Think subscription or contract – can you get a regular repeat cycle pre-agreed?
  30. 30. Now you have a focus on a scaleable service or product that you know customers need – and that avoids the cash ‘guzzle’ – you can be more confident about your business model
  31. 31. All you need to do now is decide how big you want to be!
  32. 32. Good Luck!
  33. 33. •Need a sounding board for your ideas? •Need to know what to prioritise? •Want someone to challenge your assumptions?
  34. 34. BizSmart – Where Smart people go to surround themselves with other Smart people, to gain business success.

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