Renew your business model
The analysis shows that your company needs a different approach. You want to change your business model. You already have ideas, and need inspiration as well as practical support.
Towards a new business model
The foundation of your business is the value you deliver to your customers. How you do that is your business model. You know who your customers are, how to reach them, what they are looking for, and why they choose you over your competitors. It is a good idea to keep checking whether your business model still aligns with market developments and meets your customers’ needs. Now that your business’s results are lagging behind, you have an extra reason to refine your business model.
You can adapt and update various parts of your business model:
Product or service
Explore how you can offer a new or revamped product, or a new service. What extra service do your customers want? For example, offer maintenance service on your product. Do you provide a service? Offer that service online as well, via a website, online shop or platform. This way, you lower the threshold for regular customers and acquire new ones.
You can also think about a subscription model. Like software companies that offer antivirus programmes. Or make use of your customers' creativity. This saves you time and money as a provider. On your website or app, customers put together their own products, such as T-shirts, mugs, puzzles, photo books, or wallpaper. You just carry out the order.
Management and technology
You can also renew your operations, organisational culture and processes. With new materials and techniques, for instance, you can make your product more attractive, more sustainable or cheaper. Digitalisation of business processes allows you to work faster and with fewer mistakes. For instance, digital invoicing, a CRM system for customer management or a digital version of your product or service. A training programme for you and your employees also contributes to innovation in your company.
Sustainable business
Sustainability is about preventing waste and reduce environmental damage. For instance by using electric vehicles, solar panels and environmentally-friendly packaging. Subsidies are available for a sustainable approach.
Business model canvas
Do you have enough ideas for adapting your service, product or business? Then use the Business Model Canvas to map your company's situation including the new plans. In the canvas, you describe all parts of your business: organisation, value proposition, customers, suppliers, costs, and revenue. This makes it clear at a glance what your company's strengths and weaknesses are and where the customer's needs lie.
Have you worked everything out in detail? Then you will see if your new approach has a chance of succeeding.
KVK Advice Team
Do you have questions about a new business model or the Business Model Canvas? Call the KVK Advice Team on 088 585 22 22.