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Business Building Blocks

by Kenneth Zerafa
14th March 2018

The Proposal

Every business tries to solve its customer’s problems. What you need to ask yourself is what problems will you be solving and how.  

To add value to your product, there are some aspects you will need to consider which are innovation, performance, design, branding, and affordability.

What do you need?

This part of the canvas is when you have to question what key resources you need to develop the service most valuable to the customer. You need to identify the resources which will help in delivering the product to your audience.

Some of the resources which needs to be considered are:

  • The physical resources like equipment
  • Product development research
  • Human resources which will attract talent to the business
  • Financial resources to kick start operations

The Relationship with your Customers

Key partners are the people in which the business attains resources. This is a crucial step for any startup because having strong and reliable partners is a step forward in having a sensible plan to deliver to your customers. When establishing new partners, both you and those partners must keep in mind the goals which are set predominantly so that both expectations are met.

Activities

These are the actions we need to take to provide a suitable proposition to your startup. How will you provide value to your customers? How will your product set apart from what is already put forward by other businesses?

Real me in this relationship!

Loyal customer relationships are essential to any successful business. To create and maintain a good and loyal customer relationships you need to know who your target customer will be and build a relationship of trust between the two of you. You need to assist your customer well by providing them a good product or service. Do your customers feel like they are part of a community? How costly is it to maintain a good relationship?

Aim at the target

To know what your customer needs, you need to know the type of people you are targeting. Is there just one group that you are targeting or is there more than one? Is the product or service targeted to the consumable market or a more specific type of market?

Channels

Channels are responsible for delivering value to your customers. You need to consider the channels you will be reaching your audience some of these including:

  • How will you raise awareness to your product
  • How will you help your customers?
  • Through which channels will the customer purchase your product?
  • How will you deliver the proposed product?
  • What is your plan to provide after sales service?

Costs

The truth inevitable is that you will face unavoidable costs to carry out your activities and obtain the resources. Such costs include salaries, rent, and production costs. Most importantly you need to establish whether your business will be focused on having the most efficient cost structure or focused on creating value to your customer.

Keep the money coming in

Revenue is when you see the results of your hard work and make it rain money. You need to know how much your target audience is willing to pay and for what items are they looking for.

Don’t worry if you’re left with more questions than you began with though! It’s normal and all the greatest businesses started the way you did. This is just the beginning, the rest will come in time but don’t forget to enjoy yourselves in the process!


Address

Level -1, Block B, Room 10b,
Faculty of ICT, University of Malta,
L-Imsida MSD2080
Malta

Contacts

Email: info@ictsamalta.org        
Phone: +356 2340 3597