Creating a shared language that is simple, relevant and easy for everyone to understand will serve as a blueprint for developing a Strategic Action Plan that will help you to stand out from your competition.
Core Elements of a Successful Business Model
- Unique position that defines who you are
- Strong grasp of future market trends and the moves you need to make to succeed
- Lower cost base than competitors or a highly differentiated offering that cannot be easily copied
What should the epicenter of your business model be?
Operational Excellence: Maintaining profits by conducting business on a larger scale and with greater cost efficiencies than competitors. Example: Walmart
Customer Intimacy: Developing new products and services based on customer needs, increased convenience, and facilitated access. Example: Salesforce.com
Product Leadership: Leading customers into the future via new technology and product innovations. Example: Apple.