The 3 Business Models, Everyone MUST Know!
If you're like me, you're a big dreamer, thinker or doer. In fact, you probably wouldn't be in business if you weren't and if you aren't you may not be doing so well (no shade intended). I've learned that I need to scale my visions for my business in order to keep my sanity! Very often, I get caught up in planning what I want things to look like and I forget to take a step back to think about what it would take to get to that point.
When creating models for your business, it's important to scale! I've learned that I don't have to accomplish EVERY SINGLE thing in 1 day but to create a vision that has 3 different levels of achievements in mind.
The "Consistent" Model
The first model is a plan to keep things in your business just as they are. How do you plan to maintain your current revenue streams? What will you do to maintain your services/products. In this model, don't plan for growth but take a real good look at what it takes to be consistent where you are right now. This model is perfect when you're looking to improve efficiencies with limited resources. You'll be forced to take a hard look at what is working and what isn't and you can really enhance on your strengths while addressing your weakness. Every new and start up business should start here, especially within the "infant" years of the business.
The "Realistic" Model
Realistically, how does growth look in the next 3 years for your company? What is a modest and attainable vision for your business? For me, growth in the next 3 years would increase my revenue by 30%. Hire 2 staff members (part-time) and work towards full-time management responsibilities while shifting the fulfillment components of my services to the staff members. With this model, I'd be able to really take the necessary steps to grow my business into a full service agency and retain clients with higher budgets.
The "Wildest Dreams" Model
This is the model that allows you to go CRAZY! Think about how your business would look in your wildest dreams. If there were no limits in capital, time or resources what would you do? This model is your overall end goal. If I had things my way, my business would have agencies in multiple cities, have Fortune 500 clients, and an online business model that would still fulfill the needs of small businesses. We would have hundreds of millions of dollars in revenue annually and thousands of employees. Having this model drives you to accomplish your dreams, to get to the next level!
These models work side-by-side to help you create actionable planning steps to help you achieve your overall business, but sometimes it may be hard to get started. We're working on a free template to get you on the right track. Subscribe to Social Square and join the community to receive your copy once it's available.