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How to Design a Better Business Model

How to Design a Better Business Model

The business world is in a time of unprecedented change. New technologies and trends are the driving forces behind those rapid changes, and for entrepreneurs, this means designing a better and more adaptable business model. Using creativity and imagination to transform your business idea into a lucrative and scalable industry concern has never been more essential. With uncertainty the prevailing fear of the current era, harnessing that uncertainty is the key to a better-designed business. No matter your sector, there are some new and exciting ways to ensure that your business is more able to meet the changing needs of customers.

Provide the right tools

The best leaders in any work environment are those that are able to think big and look for ways to disrupt their industry. It means finding the right tools to use and making sure that your team can use them productively. Designing a new business model that will thrive in an ever-changing world is going to be the foundation of your business plan and should be factored into every decision that you make regarding your business future.

Starting with a Plan

Your business plan is always going to be your first task when you are considering launching a business. This plan is used to persuade investors to part with their money, but more importantly, it is the framework that will guide your future growth. A step by step strategy is going to be needed, and will cover:

Assessing your ongoing cost

Most business plans work by considering growth in a linear fashion. A business that has been designed with creativity and imagination should be able to avoid this limited scope and look for new ways to grow exponentially. Never be happy with the average growth rate of 10% that most business plans factor into their future expansion. Look forward, and evaluate how disruption can be transformative.

Problem-solving for customers

A business that is focused on exponential growth is well-placed to adapt to new markets and trends, and will be ready to take advantage of them. Current technologies alone have improved the ability of a business to reach new audiences through viral marketing and social media reach. Modern consumers expect solutions, and the well-designed business model will not just provide those solutions, but look for ways to expand on the answers that they offer.

An excellent example of a well-designed business model that is capable of growth is Uber. Although they started with private transportation as an alternative to taxi companies, they have broadened their customer solutions to UberEATS and now UberHEALTH. Look at how your business can grow horizontally as well as vertically.

Creating a better value proposition

Digitization has altered the traditional business model and can be the key to designing your business to be more suited to the modern age. Traditional businesses limit their thinking to finding ways of offering digital versions of their services, but you can have higher and more profitable goals.

You should be looking at digitization as a means of not just entering entirely new markets, but actually creating them.

Look at how Airbnb has not just transformed the short-term accommodation industry; they have entirely re-imagined it, and that’s made customers far more able to spend on their leisure time. Even business models like 23andMe have created an entirely new business model through cutting-edge technology, digitization, and by filling the hitherto unknown needs of a growing customer base. Look at digitization as a means of broadening the potential of your new business model.

Using an Enterprise Architect

The modern business that hopes for exponential growth is well-advised to recruit the services of a qualified enterprise architect. As technology becomes ever more critical to business management and growth, having a more seamless alignment between your IT strategy and your ongoing business practices has never been more important. Digital transformation brings with it a high volume of transitional tasks, and finding a talented enterprise architect can not just speed up your launch, but allow you to reap the rewards of a business model that will grow exponentially. These experts will:

  • Reduce complexity in your business process
  • Build better technology processes
  • Bridge the gap between departments
  • Reduce wasted time
  • Remove workflow bottlenecks

Finding the right enterprise architect is going to be the key to a better business model. Look for those that have not just the proper training, but also have real-world experience of digitization and business growth. Make sure that you look for an enterprise architect with TOGAF. What is TOGAF? This is a much more advanced approach to design, and you can be sure that your enterprise architect has the necessary skills to improve your business if they are experienced and TOGAF qualified.

Run an environmentally friendly business

One of the essential steps in designing a better business model is incorporating sustainability into every aspect of your operations, including packaging. One option to achieve eco-friendliness in packaging is choosing sustainable materials such as recycled paper, bamboo, or biodegradable plastics. Additionally, customizing your packaging design can help you stand out from the competition while promoting your brand’s values. For example, if you are making candles, you can find sustainable and custom candle packaging boxes here to enhance your products’ appeal to environmentally-conscious consumers.

Modern business relationships

A business that has been designed for optimal growth will always have a focus on the needs of their customers. In the digital age, that means building relationships. Having a fanbase for your business is now one of the most important dividing lines between a business model that is open to sustainable growth and those that are content with limited stasis. The key is collaboration with your fanbase. You don’t have to create the new Facebook revolution, but you need to be part of the existing one. Look at the platforms that your customers use and explore new avenues for optimizing your communication strategy.

The evolution of your workforce

Traditional businesses are limited by imagination, and they content themselves with building the basic model. They rent premises and hire their staff, and expect the 9-5 lifestyle to be sufficient for the modern age. This blinkered view is very limiting. Current technologies and trends such as cloud computing, online collaboration, VR, and shared office spaces have opened up the way that employees can contribute to the growth of your business. For faster scalability, improved staff loyalty, and far greater employee productivity, look to technology for a better-designed business model, and you’ll attract the best team possible.

By embracing the uncertainty of the modern world, a well-designed business model uses imagination and creativity to explore whole new options. Unpack the lessons of those that have already shown the way, and your business strategy will be far more likely to grow faster and establish itself as a leading figure of the modern business landscape.