On Thursday John Kenneally, of Kenneally and Company, led an enthusiastic workshop on how to develop a successful business model for a new venture. Mr. Kenneally founded Kenneally and Company, a certified public accounting firm, which provides tax planning, financial planning, management consulting, and strategic planning services to a varied client base.
During the workshop at Colby, Mr. Kenneally went over the essential elements of creating a business model. Coming up with a strategy that allows you to maintain success and finding an ideal target market segment size are crucial. Questions to ask yourself include: How do you create value for your customer? How do you capture that value for your company?
In terms of strategy, Mr. Kenneally focused on differentiation (distinguishing your company’s offering from others, to attract your target market). Some examples of the many ways to differentiate that we discussed in a group brainstorm at the workshop are customer service, durability of products, brand name and attractiveness of products. It is important to recognize that change is constant, and you must have dynamic capabilities to deal with this. We went on to discuss how strategy is supported with competitive tactics, such as collaborating with the customer. Maintaining customers as long-term customers will in turn lead to greater revenue and lower costs.
A huge thank you to Mr. Kenneally from the Entrepreneurial Alliance for his time and enthusiasm in teaching us this week!