The Best Approach to Your Business Model? Personalize It.
May 23, 2017
Gail Bower in Assets & Revenue, Business Model, Strategy
With today's complexity, personalizing and updating your business model is critical.If your organization’s approach to how you conduct business —  and specifically how you generate revenue — could be described as either “more of the same” or “just like everyone’s doing it,” you may have a serious blind spot.
 
Sticking with the same old products and services and not paying attention to internal and external conditions and change could put you at risk.
For nonprofit organizations, producing a nonprofit gala just because everyone else has one is not a sound rationale. Nor is defaulting to grants and corporate sponsorship.
It may be time to take a look at modernizing, reinventing, and personalizing your organization’s business model.
 
Given the societal complexities we face, doing things today just like everyone else or the way your predecessors did doesn’t make much sense.
 
Your organization’s vision, mission, expertise, and approach are unique. Your relationships, talents, and ingenuity are also unique. These factors suggest that your business model should be equally distinctive.
 
Otherwise you could be overlooking:
initiatives that are outdated and need to be abandoned.
For example, through our work together, one of my clients realized that it was missing out on $25,000 to $75,000 in revenue in one line of business if leadership made a simple update to its pricing strategy. Practically unnoticeable to the organization’s clientele, this change would be significant to the small organization’s revenue position, all with no additional expense.
 
In today’s world, our waiter asks about dietary preferences to personalize our meals. In professional development settings, the focus is on personalized learning. Marketers are tracking data to customize your buying experiences and content.
 
Personalization extends to your organization as well, starting with your business model.
 
Taking a fresh look at the business bones underlying your operation and mission can be truly revealing, allowing you to let go of lumbering initiatives, cluttering up your organization.
 
Is it time for some spring cleaning and new life?

 

Article originally appeared on Gail Bower (http://gailbower.com/).
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