Dan Sitter brings up an interesting point this week in his blog Idea Sellers: Business Models: A Track to Run On.
He asks "What is the difference between a business plan and a business model?"
We frequently hear about the business plan because investors are looking for the information found in your plan to determine if or how much they are willing to lend.
But so often the plan is developed – especially when it's developed for financial needs – and then never referred to again.
My background of almost 20 years with Pearle Vision is franchising and there truly is no better model than a successful franchise. Entrepreneur Magazine annual ranks the top 500 franchisors and this yeartook the number one spot for the 15th year.
What is it about their business model that is so successful?
Do you have a business model? What can you learn from the top franchisor business models that you can apply to your business?
Is it product? Location? Trends? Customer focus?
Check out the article on Subway and the top 500 franchisors to see what you can learn from the cream of the crop. And then ask yourself – do I have a business model? Am I using it to direct my business?