{"id":37703,"date":"2020-08-05T11:20:43","date_gmt":"2020-08-05T03:20:43","guid":{"rendered":"https:\/\/zegal.com\/?p=37703"},"modified":"2024-03-06T18:25:21","modified_gmt":"2024-03-06T10:25:21","slug":"5-key-ways-to-adjust-your-business-model","status":"publish","type":"post","link":"https:\/\/zegal.com\/en-sg\/blog\/post\/5-key-ways-to-adjust-your-business-model\/","title":{"rendered":"5 Key Ways To Adjust Your Business Model"},"content":{"rendered":"\n<p id=\"E216\">Business models are continually evolving as companies react to internal and external developments. Samsung, one of the world\u2019s largest producers of electronic devices, was originally founded as a grocery trading store. Tiffany &amp; Co. was not always an established&nbsp;jewellery&nbsp;vendor, they used to sell stationery. Adjusting a business model has thus become necessary for many businesses to survive and grow, especially for entrepreneurs and SMEs.<\/p>\n\n\n\n<p>Here we\u2019ll provide practical advice on when a business should consider adjusting their business model and what steps to take when doing so.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"E223\">What is a Business Model?<\/h4>\n\n\n\n<p id=\"E226\">A business model is a plan of how a business will make a profit. Business models will often cover aspects such as what products or services the business will sell, what the target market is, and what the anticipated expenditures are. When we are referring to adjusting a business model, we are&nbsp;referring&nbsp;to what actions a company can take to increase their profitability.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"E232\">Recognising When an&nbsp;Adjustment in Business Model is Necessary<\/h4>\n\n\n\n<p id=\"E240\">The Business Model Canvas is a tool that allows business owners to analyse&nbsp;their company\u2019s value propositions, infrastructure, customers and finances for the purpose of improving the company\u2019s business models. It covers the following topics:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Key partners<\/li>\n\n\n\n<li>Key activities<\/li>\n\n\n\n<li>Value propositions<\/li>\n\n\n\n<li>Customer relationships<\/li>\n\n\n\n<li>Customer segments<\/li>\n\n\n\n<li>Sales channels<\/li>\n\n\n\n<li>Key resources<\/li>\n\n\n\n<li>Cost structure<\/li>\n\n\n\n<li>Revenue streams<\/li>\n<\/ul>\n\n\n\n<p id=\"E264\">By&nbsp;analysing&nbsp;the above in reference to the Business Model Canvas, business&nbsp;owners will be able to identify opportunities to refine their business model.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"E270\">Customers Are Not Willing&nbsp;to&nbsp;Pay for&nbsp;Your Goods \/ Services<\/h4>\n\n\n\n<p id=\"E276\">Perhaps the most critical sign that can be taken as an indication for a change in business model is that, despite customers understanding your value proposition, they are not willing to pay for your goods\/services. When this happens, it is important to take a step back and understand what needs to change in order for consumers to feel like your goods \/ services are of&nbsp;good value.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"E281\">External Forces Are Threatening Your Business<\/h4>\n\n\n\n<p id=\"E284\">Companies may find that there are too many competitors in the market or may be customers having trouble adopting your value proposition. There may also be political forces or macro-economic developments that are out of your control but are unfortunately impacting your ability to operate or serve your customers.<\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"attachment_37714\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"853\" src=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/08\/technology-2731503_1920-1280x853.jpg\" alt=\"\" class=\"wp-image-37714\" srcset=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/08\/technology-2731503_1920-1280x853.jpg 1280w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/08\/technology-2731503_1920-320x213.jpg 320w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/08\/technology-2731503_1920-768x512.jpg 768w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/08\/technology-2731503_1920-1536x1023.jpg 1536w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/08\/technology-2731503_1920-640x426.jpg 640w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/08\/technology-2731503_1920-1024x682.jpg 1024w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/08\/technology-2731503_1920-1200x799.jpg 1200w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/08\/technology-2731503_1920.jpg 1920w\" sizes=\"auto, (max-width: 639px) 98vw, (max-width: 1199px) 64vw, 770px\" \/><figcaption class=\"wp-element-caption\">Image by Monika Robak from Pixabay<\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"E289\">Company Expenses Are Limiting Growth<\/h4>\n\n\n\n<p id=\"E292\">If a company is spending too many resources on producing \/ delivering their value proposition then there should be a revaluation of what costs are being incurred to determine what can be eliminated or reduced.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"E296\">Change in Consumer Trends<\/h4>\n\n\n\n<p id=\"E299\">Businesses are not the only parties that have been evolving, consumers have as well. For instance, brick and mortar establishments are no longer considered necessary parts of a company. The last few years have demonstrated consumers\u2019 preference to shop online. Understanding what is affecting consumer behaviour&nbsp;will allow you to adjust your business accordingly.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"E304\">Understand Your Cost Structure<\/h4>\n\n\n\n<p id=\"E307\">Cost structure refers to the level&nbsp;of expenses a company is willing to incur to bring their goods \/ services to their customers; what are they spending on; and how much profit will be recognised in doing so. Identifying what your business is spending its money on, and how much it is spending, will help create more efficiencies.<\/p>\n\n\n\n<p>A good question to ask is,&nbsp;<strong>what are the biggest and most important costs inherent to our business model?<\/strong><\/p>\n\n\n\n<p>Solutions like <a href=\"https:\/\/board-room.org\/\" class=\"ek-link\">board management software<\/a> centralize planning, reporting, analysis and oversight of key financial metrics.<\/p>\n\n\n\n<p id=\"E312\"><strong>Is your cost structure&nbsp;value-driven or cost-driven?<\/strong>&nbsp;Value-driven cost structures aim to create more value in the product itself and are not concerned with producing at the lowest cost possible. Cost-driven cost structures focus on minimising the cost of the product or service as much as possible.<\/p>\n\n\n\n<p id=\"E322\">Evaluate&nbsp;any expenses that can be regarded as a pain point. Doing so will facilitate greater transparency and can result in the more responsible use of resources. For instance, if a company is utilising a cost-driven cost structure, they may realise it is cheaper&nbsp;to lease equipment instead of purchase.<\/p>\n\n\n\n<p id=\"E328\">On the other hand, you may realise that your resources are being utilised as effectively as possible. If this is the case, then your cost structure can allow for the re-evaluation of the price of your goods \/&nbsp;services.<\/p>\n\n\n\n<p id=\"E332\">The key purpose of analysing&nbsp;a cost structure is to provide greater transparency on the health of your company. The greater the level of information at&nbsp;hand,&nbsp;the more&nbsp;information business owners will have to plan for their company\u2019s future.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"E340\">Automate Processes Whenever Possible<\/h4>\n\n\n\n<p id=\"E343\">As the age old saying goes, \u201ctime is money.\u201d When manual, time-consuming tasks become automated, a company will be able to free up resources to focus on their core business operations.&nbsp;Xero, an&nbsp;<a href=\"https:\/\/fastlanepro.hk\/xero-cloud-accounting-software\/\" target=\"_blank\" rel=\"noreferrer noopener\">online accounting software<\/a>&nbsp;is a perfect example of such as it allows its users to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Connect directly with a company\u2019s bank accounts, allowing for the automatic import and categorisation of financial information<\/li>\n\n\n\n<li>Automatically issue invoices and email reminders to clients<\/li>\n<\/ul>\n\n\n\n<p id=\"E358\">Whether a company wishes to minimise human errors, or wants to reduce&nbsp;labor&nbsp;costs, or even adapt to market demands, automation can help a company regardless of what industry they are in, and its size.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"E366\">Expand Your Target Market<\/h4>\n\n\n\n<p id=\"E369\">Cutting costs is not the only thing that companies can do to change their business model. Developing your company\u2019s marketability can greatly improve profitability by becoming more appealing to their target customers and can even attract entirely new audiences.<\/p>\n\n\n\n<p id=\"E373\">To better interact with consumers, it is important to utilise digital mediums as much as possible. Affiliate marketing can assist in this regard. By looking at non-competitive products or services that are reaching out to the same target markets, businesses will be able to collaborate and share their outreach efforts.<\/p>\n\n\n\n<p id=\"E377\">In respect of target markets, it&nbsp;is important to understand that consumer values and preferences are constantly changing. For example, recent economic downturns have curbed people\u2019s spending habits and mindsets. Taking a proactive approach to understanding how sentiments are changing can&nbsp;help a company identify new business opportunities as they arise.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"E382\">Evaluate How You Interact&nbsp;with&nbsp;Your Customers<\/h4>\n\n\n\n<p id=\"E389\">Lately, businesses have transitioned into the digital space when interacting with their clients. Social media, email marketing, support, discussion forums or even external complaint channels provide consumers with ample communication channels to voice their pleasures and concerns. Communication does not have to begin upon delivery of a good \/ service though, as relationships can still be developed after the delivery of goods \/ services.<\/p>\n\n\n\n<p id=\"E394\"><strong>Does your company provide services?<\/strong>&nbsp;If so, then perhaps it would help to implement a communications line to enable dedicated personal assistance. This intimate,&nbsp;hands-on personal assistance will allow sales representatives to handle all the needs and questions a client may have.<\/p>\n\n\n\n<p id=\"E398\"><strong>Does your company sell a variety of goods?<\/strong>&nbsp;Companies who sell a variety of goods can find that automated services can provide touches of personalisation that can help&nbsp;by identifying customers preferences and recommending additional products that they might be interested in.<\/p>\n\n\n\n<p id=\"E404\">One of the most effective ways to form a relationship with customers is to reward them for their loyalty. Loyalty programs can encourage repeat spending and a sense of brand loyalty and can be easily promoted through various digital channels. Satisfied customers can increase a company\u2019s sales through referrals and repeat purchases.<\/p>\n\n\n\n<p id=\"E408\">Businesses must always be constantly evolving.&nbsp;Take time to examine your company\u2019s business models and identify areas that can be improved. Given that we are in challenging times, companies that are proactive in keeping ahead of the times&nbsp;will find themselves more adept at capturing new business&nbsp;over their competitors.<\/p>\n\n\n\n<p><strong><em>This article does not constitute legal advice.<\/em><\/strong><\/p>\n\n\n\n<p><em>The opinions expressed in the column above represent the author\u2019s own.<\/em><\/p>\n\n\n\n<p><a><strong>Start managing your legal needs with Zegal today<\/strong><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/zegal.com\/blog\/post\/accounting-tips-business-owners\/\">READ MORE: Essential Accounting Tips for Business Owners<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/zegal.com\/blog\/post\/cloud-computing-for-business\/\">FURTHER READING: 5 Reasons Cloud Computing is Important to your Business<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tags:<\/h3>\n\n\n\n<p><a href=\"https:\/\/zegal.com\/blog\/post\/category\/startup\/\">Startup<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business models are continually evolving as companies react to internal and external developments. Samsung, one of the world\u2019s largest producers of electronic devices, was originally founded as a grocery trading store. Tiffany &amp; Co. was not always an established&nbsp;jewellery&nbsp;vendor, they used to sell stationery. Adjusting a business model has thus become necessary for many businesses [&hellip;]<\/p>\n","protected":false},"author":100,"featured_media":37708,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","inline_featured_image":false,"footnotes":""},"categories":[133],"tags":[8319,6821],"usecases":[],"businesstypes":[],"country":[],"class_list":["post-37703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup","tag-automation","tag-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.8 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 Key Ways To Adjust Your Business Model | Zegal Singapore<\/title>\n<meta name=\"description\" content=\"Your business needs to continue to evolve to stay ahead. Here are some key ways to fine tune your strategy so you can grow along with your customer base\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zegal.com\/en-sg\/wp-json\/wp\/v2\/posts\/37703\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Key Ways To Adjust Your Business Model\" \/>\n<meta property=\"og:description\" content=\"Your business needs to continue to evolve to stay ahead. Here are some key ways to fine tune your strategy so you can grow along with your customer base\" \/>\n<meta property=\"og:url\" content=\"https:\/\/zegal.com\/en-sg\/blog\/post\/5-key-ways-to-adjust-your-business-model\/\" \/>\n<meta property=\"og:site_name\" content=\"Zegal Singapore\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/getzegal\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-05T03:20:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-06T10:25:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/08\/architecture-768432_1920.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1279\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Au\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@getzegal\" \/>\n<meta name=\"twitter:site\" content=\"@getzegal\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nicholas Au\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/blog\\\/post\\\/5-key-ways-to-adjust-your-business-model\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/blog\\\/post\\\/5-key-ways-to-adjust-your-business-model\\\/\"},\"author\":{\"name\":\"Nicholas Au\",\"@id\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/#\\\/schema\\\/person\\\/73f3eb9d48e250aa49b75cd7aeacdc4c\"},\"headline\":\"5 Key Ways To Adjust Your Business Model\",\"datePublished\":\"2020-08-05T03:20:43+00:00\",\"dateModified\":\"2024-03-06T10:25:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/blog\\\/post\\\/5-key-ways-to-adjust-your-business-model\\\/\"},\"wordCount\":1365,\"publisher\":{\"@id\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/blog\\\/post\\\/5-key-ways-to-adjust-your-business-model\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/zegal.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/architecture-768432_1920.jpg\",\"keywords\":[\"automation\",\"technology\"],\"articleSection\":[\"Startup\"],\"inLanguage\":\"en-SG\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/blog\\\/post\\\/5-key-ways-to-adjust-your-business-model\\\/\",\"url\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/blog\\\/post\\\/5-key-ways-to-adjust-your-business-model\\\/\",\"name\":\"5 Key Ways To Adjust Your Business Model | Zegal Singapore\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/blog\\\/post\\\/5-key-ways-to-adjust-your-business-model\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/zegal.com\\\/en-sg\\\/blog\\\/post\\\/5-key-ways-to-adjust-your-business-model\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/zegal.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/architecture-768432_1920.jpg\",\"datePublished\":\"2020-08-05T03:20:43+00:00\",\"dateModified\":\"2024-03-06T10:25:21+00:00\",\"description\":\"Your business needs to continue to evolve to stay ahead. 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