Is your business a Profit Making Machine?
Not just words…
It might sound as a weird, or even a rude question, but it is a pertinent one. We did not just come up with that question because it sounds cool. Each word in the “Profit Making Machine” has a very specific reason for being there.
Every business strives for sustainability. However, sustainability is different for every business. Some companies define it as being able to survive, while others see it as contributing to a better environment. No matter what sustainability is for you, you won’t be able to reach it unless your business makes profit.
The origin of every business is the intention of creating value. The product or service you offer to your customers should have an impact that solves at least part of the problem or question they are facing. It is all about what value you have to offer to your customers, how you create impact on their circumstances.
A good machine must be efficient. Make sure you don’t carry any extra weight, make decisions based on results and implement technology in an intelligent way. Certainly in this day and age, technology is all around us. As a business, you should embrace this and use it in the best possible way to bring your value to your customers. Be it in your back-office, production line or marketing strategy, technology has become “inescapable”.
A model, a canvas, a framework
Now, how do you build a Profit Making Machine? Getting out your dusty management books won’t get you where you need to be. That is why Techtomar developed the Profit Making Machine Model. It is depicted as a machine and contains 6 components: Pain, Resolution, Offering, Format, Infrastructure and Turbulence. To be able to efficiently use this model, we have also created a canvas. Each component on the canvas can be filled in based on 3 questions per component. You can find the canvas and the questions below.
Who is your customer? Describe as detailed as possible.
What is your customers’ pain? What does he want to get rid of and/or what is he striving for?
How is the customer confronted with his pain? When does it occur?
What is your unique resolution to the customers’ pain?
Why are you well placed to deliver this resolution?
What are your beliefs and convictions that support this resolution?
What do you sell to your customers? What exactly is your product or service?
What is your unique added value in this product or service?
What are your daily actions focussed on?
How do you reach out to the market? What is your marketing strategy?
How do you sell to your customers? What is your pricing model?
How do you keep your customers? What is your retention plan?
What resources do you need, be it technical, human, financial, managerial, etc.?
How do you organize this infrastructure?
How do you finance this infrastructure?
What external factors have an influence on your business?
How do you constantly monitor these external factors?
How do you comply with changes in the external factors?
The trick is to build the Profit Making Machine into your business’ DNA…
Techtomar can help you do that. We can help you Design your Profit Making Machine, Nurture it and Abort when necessary.
To successfully implement the Profit Making Machine Framework in your own organisation, you have to make it part of your business DNA. For the Profit Making Machine Framework, this means 3 pillars: Design – Nurture – Abort.
The first step in creating an outstanding Profit Making Machine is to design it. We have developed a methodology based on the Design Thinking Concept. Together with you, we go through 6 phases: Examine, Ideate, Experiment, Distill, Plan and Execute. The most important result of this design is a validated business model. We can achieve validation by doing in depth interviews with both customers and prospects. As soon as you have your Profit Making Machine in place, it is very important to have a solid nurture plan.