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If you are a startup, it is critical to have a business model. It does not have to be complicated or run into many pages. In fact, a one-page summary is usually sufficient. The main areas are: who are the target customers and where revenue comes from. Just keep it simple and sweet. If you are already operating your business, it is always good to re-visit your business model to ensure it is still relevant and competitive. Here is a simple and informative video, explaining the key areas (building blocks) of a business model.
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Written by someone who has worked with Steve Jobs. Not copy and paste from various sources. Ken Segall is also the inventor of the iconic letter "i" for Apple products.
If you’re not prepared to be wrong, you’ll never come up with anything original. Creativity now is as important in education as literacy, and we should treat it with the same status. Human resources are like natural resources; they’re often buried deep. You have to go looking for them, they’re not just lying around on the surface - Sir Ken Robinson Having business partners will enable a company to grow bigger, faster. You need someone to bounce ideas, to lift you to the top and when you are down, someone to pick you up. If you have been running your business alone, perhaps is a good idea to have one or two business partners. Someone, who invest their money, time and take risk with you to grow the business. Of course, choosing the wrong partners can be disastrous. Make it an upfront rule that "there shall be only one captain in a ship". This will solve many potential conflicts and differences in opinion. Just for laugh, view this short clip. Incompetent partners can cause more harm ... The KISS mantra should be in the mind of all business owners and staffs. It should form part of the corporate culture. Keep it simple, stupid (KISS) is more true than ever. Why keep it complicated and confusing (KICC)? Simplicity can even lower the cost of doing business. How simple is your sales fulfillment process? Do you require your staffs to prepare thick report or just a one page report? Do you still print and file invoices that are sent to customers? Do you still print (and file) payment vouchers? Do you still maintain your own servers, install complicated network wiring etc etc? Re-evaluate your business process to ensure that it is really simple. You can then focus on creating customers. I attended a conference on Global Challenges, Local Opportunities organised by Institute of Bankers Malaysia (IBBM) in Kuala Lumpur on 8 - 9 May 2012. The topics presented are global economic crisis, risk management and banking. The keynote address was presented by Graeme Maxton, a thought leader, writer and economist. Maxton's latest book "The End of Progress - how modern economics has failed us" is a must read if you want to know who is to blame for the current global crisis. What is wrong with the western (US and Europe) economic model and why Asian countries including China, Korea, Singapore and Malaysia enjoy strong economic growth. You should relate some of the economic lessons to the management of your business. The purpose of an economy is not growth = the purpose of a business is NOT profit. Think about it ... This is our first blog article. We will share with you our experience in managing businesses. Topics will include accounting, economy, banking, business management, corporate turnaround, education and a small dash of current issues. You are welcome to participate in this blog by leaving your comments or ask questions.
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