Business Archives

Business Model Canvas: The 9 Elements Explained

What are the nine elements of the Business Model Canvas? How are the elements related? There are nine elements in the Business Model Canvas: 1) customer groups, 2) customer touchpoints, 3) customer interactions, 4) value proposition, 5) key resources, 6) network, 7) key activities, 8) revenue streams, 9) expenses. These elements are interdependent components that impact the effectiveness of the other elements. So, changes to one element can reduce or amplify the effects of other elements. In this article, we’ll first briefly define what the Business Model Canvas is. Next, we’ll explore each of the nine overarching elements that you

The Ultimate Strategy for B2B and B2C Sales

What is the key to securing B2B sales? How does the business-to-business sales approach differ from business-to-customer’s? B2B and B2C sales approaches are polar opposites. With business-to-business selling (B2B), it’s important to make sure you’re talking to the right person at the company. For business-to-customer sales, you need to cast a wide net in your marketing efforts to reach lots of people at once. Keep reading to learn about B2B and B2C sales strategies.

Hiring Salesmen: How to Build an A-Star Sales Team

Do you struggle with high sales executive turnover? What can you do to improve your chances of hiring effective salesmen? A high turnover amongst salespeople is a common problem for many sales managers. Hiring salesmen is difficult because there is a shortage of good candidates. Here are some techniques for improving your chances of hiring top sales talent.

High Employee Expectations Drive Performance

Why is it important to communicate employee expectations? How does setting high expectations for employee performance help drive better results for your organization? Your expectations of your team affect how they perform: when you expect people to do well, they tend to follow suit. Conversely, when you expect people to fail, they probably will. Your employee expectations become a self-fulfilling prophecy—how you see them is how they will see themselves. Here are three ways to show your team you have high expectations.

Building a Business Model From Scratch

Do you have a business idea in mind? What are the key business aspects you need to consider when building a business model? Starting a business requires a business model which defines how the different elements of your business will function together to make a profit. If you are a beginner entrepreneur, you’re likely at a loss: Where do you even start? Fortunately, there is a simple framework designed specifically for building a coherent business model from scratch. In this article, you’ll learn how to build a business model from scratch using the Business Model Canvas framework by Osterwalder and

Rework: Jason Fried & David Hansson’s Philosophy

What is Jason Fried and David Hansson’s entrepreneurship philosophy? What is the benefit of keeping a company small and lean? In their book Rework, Jason Fried and David H. Hansson champion a simpler, cheaper, less labor-intensive way to manage any company. In brief, you don’t need an MBA, outside investors, strategic plans, or a board of directors to launch a business. You don’t even need an office. Instead, you need to reject old-school myths, embrace simplicity, and run your company like a smart, frugal, well-oiled machine. The Rework philosophy is 6-fold.

What Makes an Effective Sales Strategy?

What makes a good sales strategy? What is the key to designing a sales strategy that drives results? A crucial element of strategic sales management is devising and communicating a clear sales strategy for your team to follow. Your sales strategy should highlight which customers or potential customers each team member should call, how they should prioritize these customers, and which products they should prioritize selling. In this article, we’ll take a look at what makes an effective sales strategy, according to sales expert Mike Weinberg.

What Is a Value Proposition?—Business Basics

What exactly is a value proposition? Why is it important to provide unique value to your customers? As the name suggests, your business’s value proposition is the value you provide to your customers in the form of products or services. When defining your value proposition, consider the nature of your product/service and how it is different from your competitors’ products/services. If you’re servicing the same customers, with the same needs, at the same price, you are not providing unique value. Here are some things to consider as you define how you intend to offer value to your customers.

How to Know When You Should Upgrade Your Product

How often should you upgrade your products? What should you do if customers request to add features to existing products? An important element of running a business is deciding when and if you should make improvements or upgrades to your product. Customers may request product upgrades or modifications, but that doesn’t mean you should make them before you are ready. Here is why you should hold off product upgrade requests—even if it means your customers outgrow your product.

5 Strategies to Drive Business Innovation

What makes a business innovative? What can you, as a leader, do to trigger innovation at your organization? Innovative companies regularly introduce new products/services and revise their processes to affect positive changes in their business. From shifts in the economic environment to market research insights, there are many ways to spark innovation. In this article, we’ll look at a few business innovation strategies you can use to generate innovative ideas to adapt or create your own business models.