Sneak Peek at The Pillars Of Business Model

When you plan to start a business; it’s for a purpose, it’s for a specific target audience whom you wish to serve. Isn’t it?

Today, a lot of people wish to become successful entrepreneurs; especially during and after the pandemic. They want to own a business, serve target audience with flawless services while leveraging ample benefits from it.

The first thing you need to focus on is the pillars of your business model. While everything could vary from business to business, here we are listing the top-notch common parameters that could lead towards a successful business. So, let’s discuss the pillars of the business model and its role-

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1.???Marketing

??Marketing- the most important pillar!

For any business, marketing means growing and flourishing your business. Educate your customers, ensure they’re engaged, streamline your marketing campaigns with online and offline strategies, create strong reputation in their minds and that’s all. This is how you can smartly maximize the popularity of your business and sell your products. Attracting the customers the best way is what marketing does!

2.???Products & Services

Second most important pillar of any business model- the products and services!

When it comes to any business, you must have a clear idea about what you want to offer to your potential customers, most importantly the target audience. The product must serve the purpose at both ends- the customers as well as the company itself. For better understanding, let’s focus on the product matrix-

1.????High Effort, High Return- Focus on those business areas that need ample of efforts from your end but also end up giving you best returns. These are categorised as “Major Projects”.

2.????High Effort, Low Return- When you focus your best on any business but end up receiving low returns that can be quite frustrating. This can be categorised under “Thankless tasks”.

3.????Low Effort, High Return- With just minimal effort, you can get the best returns on your investments. This can be considered as “Quick Wins” of the product matrix.

4.????Low Effort, Low Return- This requires little effort with just little returns. Like if you have time do them, else drop them from your task list. It won’t bother you much as these are categorised under “Fill-Ins”.?

3.???Finance

The money factor is the next one on the list!

For a successful business, it is necessary to keep track of its finances, without any flaws. Not just this, you need to decide on the pricing factor of your products to the customers along with necessary billing. The more you’re organized and stable with the finance part, the more easily you can cherish the success of your business.

4.???Distribution

Not important but very important pillar- the distribution!

Today majority of the businesses, especially tech startups misled by the term “distribution” and simply ignore it. They presume it with the old term school term for truck or train or door-to-door deliveries.

But here we’re talking about it in a much broader sense. Irrespective of what you deal with- products, services or software; it must be delivered in some form to the end-user. This is what the term DISTRIBUTION means, especially in this digital era!

5.???Sales cycle

The last in this list comes the Sales Cycle!

While planning any business, selling your product must be an aim but predicting the future revenue and earnings also plays a most important role. For a streamlined cash flow, you must have good conversion of your products that ultimately help you with a flawless sales cycle.

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To summerise...

Any business is like wandering in a park, but this park is a JURASSIC PARK! You may face several challenges, hurdles or ambiguous situations where you need thorough mentorship!

Briefly stating, any of the business needs focus, determination, hard work and perseverance along with knowledge of business model pillars. SO, MAKE IT A STRONG ONE!

?If you too, wish to own a business or already have one, we wish you very best.

If at any point you come across any challenges or face any issues or want someone to mentor in this entire journey, do connect with us! We’re all ears!