When a Startup entrepreneur or sometimes, a group of Startup entrepreneurs start a business, there are many risks involved. For every step, Startups have to weigh the pros and cons of that step, along with their own strengths and weaknesses.
Sometimes, an entrepreneur has technology but he lacks business acumen or vice versa. Some entrepreneur may have Team Management skills but he lacks finance. Some entrepreneur may have knowledge on the subject matter concerning the business but he needs some other factors and aids to launch his business successfully.
Succumbing to their limitations caused by their weaknesses, entrepreneurs plan their business models, emphasizing on their strengths. Usually the weaknesses of entrepreneurs hurt the profits of business and sometimes, ruin it.
How to overcome the weaknesses that cripple business?
A new business model BOMT (Build Operate Market Transform) has been designed for this purpose only. This business model is Technology Business Accelerator that helps Startups, Independent Service Vendors (ISVs) and Entrepreneurs to overcome their weaknesses and launch their business successfully.
Various business models offer to build a business and make it operational. However, BOMT is different from other business models because not only it establishes a business and makes it operational, but also helps it to enter market, connect with potential target customers and earn Return On Investment (ROI) for the next level of business that would aim at the launch of the more advanced version of the product or service being offered by business.
The Unique Selling Point (USP) of BOMT model is to aid Startups and ISVs’ in reducing their time-to-market. BOMT also creates opportunities for increasing revenue and maximizing ROI at minimum risk. Not only operations and branding, BOMT also helps Startups to find investors and business partners via Partner Product Development.
BOMT offers a progressive launch pad for innovative ideas and enable the products (or services) offered by business to be transformed into viable software products.
Usually, benefits of an investment come at the last stage when a product or service is sold. However, being the unique Technology Business Accelerator that BOMT is, it starts delivering benefits from first stage and those benefits would eventually culminate into high ROI.
BOMT model helps organizations tap into the global resource pool with no upfront investment. It uses a low risk “Build only what you need” model.
Four stages of BOMT
DevOps, a term for a group of concepts that have catalyzed into a movement and are rapidly spreading throughout the technical community comprises of Build and Operate stages of our BOMT model. It takes care of resources, technology, automation, operation support and mobility on demand.
Build stage is about scratching the surface of a business idea and to build a profitable business plan to launch the business. Analysis of business needs, cost involved, strategic requirements, and staffing needs, infrastructure, facilities and team are done. Business analysts plan the infrastructure, resources to be deployed on project, hardware and software needs and other operational requirements of the new project.
For a budding business, BOMT takes care of all operations as well. The Operate stage establishes the operational management services. It includes taking care of SaaS clustering and monitoring the servers 24×7. This stage takes care of process management, performance management, quality assurance, and target achievement. The team of dedicated resources for new set-up is briefed about the entire process. Specific targets are set for project completion.
Marketmate, another group of concepts is comprised of Market and Transform stages of BOMT model. It includes activities like digital marketing, customer contact centre and CRM on demand.
Market stage is the USP of BOMT model. Once a business is operational, it needs to enter market and expand its presence. To overcome this situation, we at Outsourced software product development company Leo TechnoSoft help Startups to enter the market and compete with established brands. Marketing strategy for new business is planned, aiming to make it a brand. This guidance from us, gives Startups, an advantage over competitors. We also help in expansion of the brand through marketing and lead generation. The connections of Leo TechnoSoft in the form of retailers in the market also help the business to enter the market with the Minimum Viability Product (MVP).
After the business becomes a brand comes the Transform stage. A major attraction of BOMT is Partner Product Development as it helps Startups requiring investment to find right business partners whose investment would be good for business. Planning is done for the next level of investment regarding business expansion. Upgrades to MVP with regards to advanced version and new features are also planned. Leo TechnoSoft also helps Startups to find Venture Capitalists and financers who would increase the finances of the business by investing more money in addition to the money being invested by business owners.
Advantages and Benefits of BOMT
Advantages of BOMT model include low organizational costs, more time for core business and low labour cost & infrastructure cost.
Benefits like process expertise, knowledge preservation, team supervision and technical support are integral part of BOMT model. Ownership of superior product, talented expertise, risk diminution, low operational costs and procedural expertise are also key aspects of this model.
Via BOMT model, we have aided various business in pharmaceuticals sector, construction sector, medical sector and IT Security sector.
BOMT(Build, Operate, Market, and Transform) model, It is an innovative hybrid partner product development that offers a low-risk, hassle-free, cost-effective global sourcing strategy. BOMT works exceptionally well with StartUps, Entrepreneurs and ISVs. It ensures incubation, development, Gestation and transformation support to increase revenue and maximize ROI in short span of time.