When a founder builds a startup, of course he wants his business to lasts a long time. To achieve this, a sustainable business model is needed. However, in the process there are many factors, both internal and external, which then influence. Moreover, the technology industry in the country which has very high dynamics.
Currently, business people are starting to think about how they can adapt quickly (agile) so that their business is sustainable. One of them is to make changes towards digitization. Innovations that lead to digitization (digital innovation) are now a necessity. The Covid-19 pandemic has accelerated the digital transformation process four to five years ahead. Currently, everyone in the world is “forced” to use digital devices, such as distance learning for education, or the implementation of work from home and work from office which requires companies to conduct virtual meetings using zoom or other applications (proxsisgroup.com).
The following are important points that need to be considered by business people, including startups, to maintain the sustainability of their business models:
1. Starting from the pain points
Your product may already be good enough and proven to have a potential market. However, have customers been facilitated with the procedure for ordering or payment? Understanding things like this will go a long way in marketing products and building customer loyalty. This is where it is important to understand the pain points in developing a business, including in business startups.
The ability to identify problems and find the most appropriate solution is not only needed when developing products. By understanding customer pain points, you will also find it easier to determine the most effective marketing and branding strategy (startupstudio.id).
2. Business model canvas
In planning a business model, strategies, management, and systems are needed that make it easier for the people in it to work effectively and in accordance with company goals. One important thing to implement is the business model canvas, a concept that relies on the image of an idea, so that everyone has an equal and real understanding of their type of customer, expenses, how the company works, and so on.
As previously mentioned, every solution made must be able to solve the pain points that exist in the community. As the demand from the market grows, from there it will be easier to define a strategy for launching revenue. Therefore it is very important to start observing market needs before starting to map out a business model.
3. Continuous review
Business models can change at any time or are often called pivots. There are always external and even internal factors that affect the overall business operations. Even better, if your startup has a dedicated team to test existing business models on a regular basis.
There are several ways to know whether a business model is still effective or not in the market. For example, when a product is launched, but there is no enthusiasm from the market, it is one of the most common early stage startups encounter. Therefore adjustments must be made. With the high dynamics in the startup world, this must be done quickly to avoid inefficient time and cost consumption (dailysocial.id). (Ruhmaya Nida Wathoni. Illustration: www.youtube.com).
Source: https://president.ac.id/p/175-feature/detail/1146-how-to-define-a-sustainable-business-mode