This article addresses the business owners and Executives with the following pain points or challenges
1. Business owners and Executives who aren’t generating profit.
2. Business owners and Executives that want to generate extra profit.
3. Problems of hiring competent Employees
4. Problems of expansion but scared of the unknown.
5. Constant cash flow generation without active participation.
6. Business owners and Executives hungry for multiple streams of income from one business.
7. People about launching a new business.
Pls when I mean Business executives I mean those with high rank decision making positions in companies or organizations they don't own.
Business design is an activity that uses design methodologies, design mindset and business tools to resolve business challenges.
Let's understand the following:
There is no particular or exact method in designing and giving a business a structure.
However, you can follow a specific process towards getting your desired results, depending on your business challenges as stated above.
When designing a business you should take into considerations two group of people which are the
1. Stakeholders
2. Clients/ Customers
The stake holders in business design are:
The suppliers, people you buy from and sell, people you buy raw materials for production etc. They are all the stakeholders because without them you will not be in business.
It's expected of you to have more than one:
You should always have 2, 3, or even 4 options to avoid disappointments.
One thing you should also know is this; your suppliers affect your price most of the times. If they increase their price most certainly when you are trying to resell or use their raw materials to produce yours, you will increase the price to enable you make profits.
If you have only one supplier most times, you may become more like a slave to such a one, because as he or she increases his or her price, you will keep increasing yours too thereby giving customers an impression that you're too expensive. Meanwhile you are just trying to make profit.
But if you have more than one stakeholder, you can easily switch if one disappoints, or increases his or her price.
As a business owner you must be customer centric and stakeholder centric. Because those two groups of people go a long way to determine your business success.
Your Customers are the main purpose you are in business and without them you won't make a sale talk less making a profit.
Without them, you/your:
Every business should have a very good Customer Experience. If your business has a very poor customer experience then trust me you will soon go out of business. If you notice very well, people call the customer service of different telecommunications and even insult them, because they are trying to make a point.
But if you notice they will never insult you back nor talk back at you. That's because they are trained in that regards and all their calls are recorded as well. If you're hot tempered and you can't control it please you need to hire someone to attend to your clients else you will mess your business up big time or better still, work on your temper . Alternatively, just keep it away when dealing with clients.
For instant, if you have ten (10) customers who always buy from you and come back for more and even refer your business to others is better than fifty (50) clients who buy from you but never return to buy again.
In every business, customer relationship should be strong and it should not be toured with. If you have working staff with bad customer relationship, please train them to be better, else they will certainly destroy your business. There is no two ways about it.
This business design series continues with the next article - "Design Tools." So, keep in touch.
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