Introduction
Today I want to dig out a bit of a relic that I found in an old drawer.
Yeah, that’s what it is: it’s a Nokia 3210.
For those old enough to remember one of those, this was the bee’s-knees-size phone at the time, I don’t know, the early 2000s, late 90s.
What I want you to get thinking about today, is what is your business model look like?
Now, I speak to a lot of entrepreneurs who say, “Mike, what’s a business model?
Is that what I do for a living?
Things like that, and then obviously there are people who know that.
But, a business model is how your business operates, and how it generates your revenue.
In today’s market, that phone that I’ve just shown you there, that Nokia, now, that was pre-Facebook, it was pre-smart phones, like iPhones.
Your customers today, your clients that you’re seeking out, they don’t work in Nokia 3210 territory anymore, they’re working in iPhones and Samsungs.
So, what does technology got to do with business models?
Well, let’s be realistic, times move on.
Has Your Business Moved On?
My challenge to you today is “Has your business moved on?”
Yes, sure, here at NXD Navigator, we speak heavily about the five fundamentals of business int he baord room, such as;
- Finance
- Operations and Systems
- People
- Sales and Marketing
- Corporate Governance
These are the five things that you really need to have a strong handle on to make sure that your business is going to move forward, it’s going to be profitable, and you can keep tracking and measuring and achieving your goals.
So if your business model, the way you operate, the way you generate revenue
Your practices and your systems, and your marketing, if it’s like a Nokia 3210.
Then ultimately you’re seriously out of touch.
That gap between where you are and where your customers are going to be different.
What does that mean in practice?
Because let’s stop talking theory here, or opinion, let’s talk fact and the reality at practice.
If your business is outdated in any shape, you’re not up to date with systems, you’re not up to date with the software that you use, you’re not up to date with the latest accounting technology, or the legalities and legislation, or human resources, or sales and marketing tools.
Then it’s a good bet that your customers are because they’re getting exposed to that through the smartphones.
Is Your Business At The Top
How would you feel if you went into 02, EE, Vodafone 3, and they said, “Here’s your new contract, I’m giving you a Nokia 3210 to run on.”
You’d be going, “Whoa, I want a touch-screen smartphone or something descriptive like Samsung, iPhone.”
That’s what you would be expecting.
Your customers are expecting the same.So if you’re taking an old-fashioned business model to the market, relying on reputation, “Oh, we’ve been in business 35 years, we have been at this, we care for customer service.”
Let me tell you, who cares?
The reality is that your audience does not care.
Of course, it might have some reassurance that you have an established firm, but what they care about is how what you do and where they spend their money and overall how it impacts their lives. How it helps them achieve their dreams and solves their problems.
So, it ain’t about you, and it ain’t about Nokia 3210s, but I see so many time-warped business owners, small businesses, who don’t know any better.
That’s no excuse because they’re really unconsciously incompetent they don’t know that they’re doing it wrong.
If you’re watching this video, and you’re stuck in a time-warp, then your business looks and feels like a Nokia 3210 in 2020, then you’re going to struggle.
Because your customers aren’t going to put up with it, they’re going to seek better solutions and they’re going to go with your competitors who are ahead of the frame.
