{"id":1939,"date":"2020-07-03T06:05:50","date_gmt":"2020-07-03T06:05:50","guid":{"rendered":"https:\/\/jupiterbusinessmentors.com\/?p=1939"},"modified":"2021-02-12T10:14:43","modified_gmt":"2021-02-12T10:14:43","slug":"driving-revenues-re-inventing-the-business-model","status":"publish","type":"post","link":"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/","title":{"rendered":"Driving Revenues Re-inventing the Business Model"},"content":{"rendered":"

For its second webinar, Jupiter Business Mentors gathered renowned entrepreneurs <\/span>and consulting experts, all of whom are platform mentors. From the hospitality, fitness, <\/span>and e-commerce industries the panelists discussed strategies that can help businesses <\/span>drive growth during these difficult times.
\n<\/span><\/p>\n

Here are some of the key takeaways.<\/strong><\/h5>\n
Investing in teams<\/strong><\/h5>\n

\"Retaining<\/span>Daniel Ludwig, an international <\/span>business growth consultant<\/a><\/span><\/span> and an agile coach, with experience in the UAE, US, UK, and Germany, emphasised the importance of staff members in building an organisation.<\/span>
\n<\/span>\u201cYou cannot build a business without a team, and a team cannot operate without a plan,\u201d he said. Stressing team leadership processes, Daniel encouraged investing in and empowering staff to help companies transition from idea implementation to success.\u00a0<\/span><\/p>\n

Akhilesh Bahl, F&B, and Hospitality expert, agreed with Daniel on the importance of retaining and investing in the right people. He advised that businesses should not only focus on financials, and instead suggested empathy. \u201cTreat your staff like family, as everyone has gone through some form of emotional upheaval through this pandemic. It pays to remember that businesses are built bottom-up, not top-down,\u201d he added.\u00a0<\/span><\/p>\n

In-house vs outsourced consultants<\/strong><\/h5>\n

Yves Preissler, health and fitness expert and Renuka Gunjahalli, a Dubai-based business mentor and moderator for the session, both agreed with their fellow panelists on the role team building can play right now. They did, however, caution business owners to weigh the strengths of in-house teams against consultants.\u00a0<\/span><\/p>\n

Daniel reinforced the same view by adding, \u201cDepending on your stage in the business cycle, incubation, building, MEP, scaling or expanding, you have to review finances against deliverables.\u201d He stated that for a sustainable business model, business owners need to view their hiring options carefully.<\/span><\/p>\n

Yves expanded on the subject noting, \u201cIn-house teams are backed by training and investment, whereas contractual hires come in with a fixed expertise against marked deliverables. If you have a fast and quick goal in mind, you may want to outsource. Building a core precision is a long-term investment. For a service or knowledge in the short term, outsourcing reduces costs.\u201d\u00a0<\/span><\/p>\n

Akhilesh, conversely, stressed the importance of in-house staff above short-term contract hires. \u201cThe F&B sector is built on the strengths of its people. You are only as good as your chefs in the kitchen, and your dine-in experience is only as memorable as the staff serving,\u201d he said. \u201cBuilding your people works to add experiential value to your brand,\u201d he added. Whilst he advised against downscaling, he noted that some businesses will shut down because they can\u2019t generate enough footfall. He suggested focusing energies on surviving the year to the best of a business\u2019s ability.\u00a0<\/span><\/p>\n

Rethinking business strategies<\/strong><\/h5>\n

\"Business<\/span>When it came to jump-starting businesses in a post-coronavirus world, Renuka posed a viewer question about business strategies. Akhilesh mused that the COVID-19 pandemic had come as a timely reset button for businesses to pause and reconsider options. Both Daniel and Yves agreed, recommending that entrepreneurs review what had been working for them as a business, and discard the failed strategies that did not add value.\u00a0<\/span><\/p>\n

\u201cBefore we decide about how we go forward, we need to question what was working pre-pandemic,\u201d said Akhilesh. \u201cWe don\u2019t want to go back to failing strategies. How can we work now? What can we do better? And do we really want to be in the same vulnerable position as before?\u201d are some of the questions he posed for business owners.\u00a0<\/span><\/p>\n

Yves reiterated the same point for the fitness industry. \u201cThe gyms that are not drawing people in should stay closed. It sounds harsh, but maybe they never had business to begin with and the pandemic just highlighted the fact. Either they need to evolve, or they need to close shutters,\u201d he said.\u00a0<\/span><\/p>\n

He was, however, positive on the larger prospects of the fitness industry. \u201cPeople speak about the negative things, but there are lots of good things happening. Gyms are open, and things are getting better,\u201d he added. He recommended a shift in strategy where gyms need to stop selling a physical image to clients through brick and mortar, and instead focus on wider lifestyle options with long-term mental and physical health benefits.<\/span><\/p>\n

New clients and customer retention<\/strong><\/h5>\n

Yves also noted that customers are looking to get out and back to routine. He recommended that fitness outlets focus on creating a safe and secure environment. \u201cPeople are social beings,\u201d he said. \u201cThey need to get out, feel active, and meet people. So, when they feel safe, they will surely come back to your business.\u201d\u00a0<\/span><\/p>\n

For new clients, he recommended an increased digital presence to reach the people who are not stepping out. \u201cYou have to be there for your existing clients whilst being visible to new ones. That means putting out free content like workout plans, nutritional information, meal plans, etc. that are available to everybody,\u201d he suggested.<\/span><\/p>\n

Akhilesh weighed in with a slightly different perspective. \u201cWith the lockdown, most businesses had to reinvent menus to make food available for takeaway and delivery options. Even though the city is open for business now, restaurants need to ensure safety measures to draw customers back in, as well as continue working with delivery aggregators to get good food out to clients,\u201d he added. \u201cIt\u2019s a tough balancing act, but you need to do it to survive.\u201d<\/span><\/p>\n

Digital development<\/strong><\/h5>\n

\"Ecommerce<\/span>All panelists agreed that the biggest change in how businesses operate in a post-coronavirus world will be determined by how customers access and interact with them through digital media.
\n<\/span><\/p>\n

As an e-commerce and technology consultant<\/a><\/span>, Daniel stated that technology will be the biggest disruptor in how businesses will operate going forward.
\n<\/span><\/p>\n

He advised adapting to the market, \u201cThe faster you do, the faster you will bounce back,\u201d he said. \u201cYou don\u2019t need to reinvent the wheel, but you do need to improve on it.\u00a0 You need to find the pain points and find out how you can add value. For all of this you need to be visible. If your customer can\u2019t come to you, you need to go to them,\u201d he added.\u00a0\u00a0<\/span><\/p>\n

He recommended businesses implement smart continuity plans that incorporate digital elements for wider access.
\n<\/span><\/p>\n

The panel also fielded questions relating to customers within B2B and B2C business models, as well as innovative pricing strategies and revenue streams.<\/span><\/p>\n

Whether you are an individual or a corporate enterprise, you can benefit from business mentoring, financial advice, and risk management consulting to help you reboot and take you through a post-pandemic revival. You can book a one-to-one session with our platform mentors \u2013\u00a0<\/span><\/p>\n

Book a session with Renuka<\/a><\/span>
\n<\/span><\/a>Book a session with Akhilesh<\/a><\/span>
\n<\/span><\/a>Book a session with Daniel<\/a><\/span>
\n<\/span><\/a>Book a session with Yves<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Key takeaways from the second successful webinar. Renowned entrepreneurs and consulting experts from the hospitality, fitness, and e-commerce industries discussed strategies that can help businesses drive growth. <\/p>\n","protected":false},"author":3,"featured_media":3302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[7],"tags":[],"yoast_head":"\nDrive Revenues & Growth during covid19 by Consulting Experts<\/title>\n<meta name=\"description\" content=\"Entrepreneurs and consulting experts from the hospitality, fitness, and e-commerce industries discuss strategies that can help businesses drive revenues & growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Drive Revenues & Growth during covid19 by Consulting Experts\" \/>\n<meta property=\"og:description\" content=\"Renowned entrepreneurs and consulting experts, from the hospitality, fitness, and e-commerce industries the panellists discussed strategies that can help businesses drive growth during these difficult times. Investing in Teams, Hiring Consultants, Customer retention, Business Strategies, adoptiong to the digital world and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/\" \/>\n<meta property=\"og:site_name\" content=\"Jupiter Business Mentors Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-03T06:05:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-12T10:14:43+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/jupiterbusinessmentors.com\/blog\/wp-content\/uploads\/2020\/07\/Driving-Revenues-Re-inventing-the-Business-Model.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"6 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/#website\",\"url\":\"https:\/\/jupiterbusinessmentors.com\/blog\/\",\"name\":\"Jupiter Blog\",\"description\":\"Jupiter Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/jupiterbusinessmentors.com\/blog\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/#webpage\",\"url\":\"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/\",\"name\":\"Drive Revenues & Growth during covid19 by Consulting Experts\",\"isPartOf\":{\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/#primaryimage\"},\"datePublished\":\"2020-07-03T06:05:50+00:00\",\"dateModified\":\"2021-02-12T10:14:43+00:00\",\"author\":{\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/#\/schema\/person\/f256bf80c2449663803eea1a816d95db\"},\"description\":\"Entrepreneurs and consulting experts from the hospitality, fitness, and e-commerce industries discuss strategies that can help businesses drive revenues & growth.\",\"breadcrumb\":{\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"item\":{\"@type\":\"WebPage\",\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/\",\"url\":\"https:\/\/jupiterbusinessmentors.com\/blog\/\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"position\":2,\"item\":{\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/driving-revenues-re-inventing-the-business-model\/#webpage\"}}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/#\/schema\/person\/f256bf80c2449663803eea1a816d95db\",\"name\":\"JBM Team\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/jupiterbusinessmentors.com\/blog\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8d33d90f3c684318894b1fc8db0d9d02?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8d33d90f3c684318894b1fc8db0d9d02?s=96&d=mm&r=g\",\"caption\":\"JBM Team\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/posts\/1939"}],"collection":[{"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/comments?post=1939"}],"version-history":[{"count":3,"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/posts\/1939\/revisions"}],"predecessor-version":[{"id":3189,"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/posts\/1939\/revisions\/3189"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/media\/3302"}],"wp:attachment":[{"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/media?parent=1939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/categories?post=1939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jupiterbusinessmentors.com\/blog\/wp-json\/wp\/v2\/tags?post=1939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}