Everyone talks about business models, but if you asked a sample of business owners, you might find that they don’t have a clear picture of what a business model is, and, most importantly, how to execute it efficiently.
Your business model describes how your business creates, captures, and delivers value. While there are many factors that go into developing your business model, there is one key ingredient often overlooked by entrepreneurs: your biological wiring.
Business owners often try to execute a business model that worked for someone else but become easily frustrated when it doesn’t work for them. Despite implementing many tactics and hours of executing their business model, the business owner becomes discouraged, worn out, and exasperated because they are not getting clients in the door as easily as they should with the amount of effort they are expending.
This dynamic happens, in part, when the business owner does not consider how they (and their team) are naturally hardwired. Since hardwiring drives your actions, it will influence the execution of your business model.
Hardwiring is natural to who you are. It is noticable at 18-24 months old and stays with you your entire lifetime. It determines how much autonomy you need, the way you process thought, the environment in which you best thrive, and the amount of information you need for effective decision making.
Three examples come to mind on how little shifts in the execution of your business model can make a significant difference in the outcomes that are achieved.
Working With A Family Member
When working with my clients, one of the first steps is to help them understand their unique hardwiring. After explaining components that make up a person’s hardwiring during my Wake Up Profitable Boot Camp for Business Owners, one of my clients approached me.
With a big grin on his face, he remarked that what he learned in just one hour explained why he and his brother didn’t connect on many things for the last 50 years. Armed with this brand new insight, he adjusted the way he delivered his information and found a more effective way to get to outcomes that created a win for everyone.
Execute In Alignment With Your Wiring
Another entrepreneur had a computer repair business. He was naturally wired with a high degree of autonomy and thrived in a lightly structured work environment. As you can imagine, the work itself was detailed. However, this business owner loved the part of his job where he hunted down the next business deal. And, with good reason. Winning the next deal was very much in alignment with the way he was wired. He loved a challenge and getting the next deal fed into his wiring.
Unfortunately, when he came back to his business and was working on the detailed parts of his business, he often procrastinated. He also had to summon up a lot of energy to perform this detail and routine work. He tried to execute a business model that was not congruent with his hard wiring.
To a person who is energized by new ideas and needs to be consistently challenged, the execution of the routine part of his business model was boring to him yielding less-than-favorable financial results.
The activities that energized him were a clue to aligning his natural hardwiring and the execution of his business model. Once he created awareness of how his natural hardwiring influenced his execution of that model, he made a few modifications.
He reorganized the way he worked and created a crew of people who enjoyed the detailed work, but didn’t like hunting down new business as much as he did. With this new awareness, he built a compatible business model that worked for him, utilized his crew’s innate hardwiring and strengths, and better served his clients.
Shift Your Business Model
One business owner was frustrated because she couldn’t scale the business as quickly as she wanted, despite putting in numerous lead generation systems. She was naturally wired for certainty and information. Because of her high attention to detail, she unknowingly trained her staff to go through her for just about every decision. While she produced work of high quality, she became the bottleneck for her business leaving her exhausted and an insufficient number of clients.
Additionally, her business model needed a shift. She concluded that she was not getting as many clients as she used to and her funnels had dried up. Instead of marketing directly to her preferred clients, we shifted the way she reached her clients. She identified and developed relationships with organizations who served her preferred clients. In this way, she could create multiple revenue streams, including sponsorship opportunities with these organizations and get in front of her clients in greater numbers.
One small change to your business model and how you execute that model can be the difference between standing still or utilizing your innate strengths to build a business that works!
Lisa Mininni is the Best Selling Author of Me, Myself, and Why? and President of Excellerate Associates, the go-to Business Mentoring and Training Company.