In this week’s video I talk about one of my favorite subjects, designing business models and explain the ULTIMATE business model. (hint: it has to do with Passion). Check it out below!
VIDEO SUMMARY
Something accountants do a lot of, is create business models. And a business model is basically how you structure your business with the goal of optimizing value creation. What I want to focus on in this video is the main driver behind the ultimate business model. Business models have a lot of different factors that go into them, but I want to talk about what I consider to be the most important element of a successful business model.
To illustrate this I want to do a thought experiment. Imagine you had to create a business model for someone who wanted to be a singer. Someone wants to build a career as a popular singer, you are their accountant, and you have to tell them the best way to structure their business. What would you tell them? Well I came up with a simple idea. For the business model I would give them, I would tell them one thing:
Sing your heart out.
You can talk about fundraising, you can talk about financial ratios, you can talk about marketing gimmicks. But it always comes back to that one central idea. Sing your heart out. So if I knew a singer, that’s what I would tell them. Go out into the world and find every opportunity to sing your heart out.
But here is the interesting part. I don’t think this only applies to singers. I think it applies to every business. Think about it. I don’t care if you are a lawyer, doctor, a cleaning company, a box manufacturing company. The core of your business model should still be “sing your heart out.”
This is also where Passion comes into play. You will find a lot of business people out there talking about passion. Find your passion. Follow your passion. Well this is the reason why. You need something to sing about. Ideally what you want is to find your passion, and then structure your business around that passion. Because what you want to do is go out into the world and sing your heart out.
So I challenge you from this video, to think about your company, your organization. Find out what you are passionate about, and go out and sing your heart out. Because I will tell you something else I believe. Your customers are looking for something to believe in. In this crazy, difficult, emotional world, your customers are looking for something to believe in. Your customers are looking for you to sing your heart out. That’s what should be at the core of every business model. Sing your heart out. Sometimes business is really just that simple.
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Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.