Breaking the Traditional Business Model

Business ModelThe traditional business model isn’t broken, but you might want to break it. Why? Breaking it apart allows you to put the pieces back together in a better way, adding in new components that make it stronger than ever before. It takes time, patience, and dedication to form or discover your own unique take on the traditional business model, but it might be your key to success.

It all starts with an idea. You’ve probably heard the stories about two entrepreneurs ideating over cocktails. Suddenly, one of them jots down a concept on the back of a napkin and a small business is born! This makes it seem like small businesses pop out of thin air like magic and become an instant success. But the truth is that those entrepreneurs have inked only a representation of the business, with hundreds to thousands of other variables jumbled and tangled up in their minds.

Most people design a plan based on the traditional business model to untangle and sort all of those pieces. A traditional business model incorporates:

  • Architecture and location
  • Hiring and hierarchy
  • Financial input and output
  • Product/Service development

The business might be one man in a garage rebuilding classic cars to sell in a local lot or a private medical office with a team of employees in various positions that serve the general public. It encompasses employees, partners, suppliers, and customers. But this traditional model doesn’t account for increasing competition or the effects of rapidly-expanding technologies.

To maintain a competitive edge, consider incorporating the following technologies into your traditional business model:

  • Cloud – At the very least, backup your important files and documents on the Cloud. It’s a safe and easy way to protect your business interests. It’s also a great tool for communication, delegating and keeping track of tasks, managing projects, and maintaining account records.
  • Website – If you don’t have a business website, you are missing out on potential opportunities to network, develop your brand, communicate with customers, and optimize your outreach for new revenue. If you do have a website, update it regularly and create copy that will attract and encourage new clients.
  • Mobile – In the past two years, the mobile trend has taken over. People want answers, resources, and products in their pocket – literally. Make sure your online presence is mobile-friendly.
  • Social Media – Social media accounts like Twitter, Facebook, Google+, Instagram, and Pinterest are a way to advertise to new generations and start meaningful conversations to raise brand awareness and reputation.

If you’re ready to incorporate new technologies into a traditional business model, consider buying a business that already has a solid foundation and more opportunity to grow. Contact Sunbelt for more information.

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