Sustainable Bills management system
Introduction
The building blocks of our business ideas will be built upon the business model canvas covering four major areas; infrastructure, offer, customers, and financial viability of our business. The business ideas are an economic-based idea called Sustainable Bills Management System. The idea aims to help individuals both in the working and non-working class, manage their bill payment, and process the smart way. Responsibility of any human begins way before birth. Parents are responsible for helping their children shape their future by putting a roof over their heads through rent, pay tuition fees, and providing healthcare coverage for them. That responsibility is passed along generation after generation. Our idea is to build a system where we take the burden of bills away from our customers by investing capital generated by our customers into successful businesses where the profit acquired is used to pay up the bills of our clients. Our clients and customers can then use their incomes to build family bonds, travel the world, and buy beautiful antiques and enjoy life and never have to worry about their bill payments hustle. Incase our customer looses their job or goes jobless for a while. The customer who has invested lets say on rent will never have to worry about the rent because our sustainable bill management system will have invested. The profits can be used to pay his rent, and this is just one practical scenario the imagination of the trauma caused by the payments of the expected bills to live a good life is. The main aim of this paper is to depict the business model canvas of our business theoretically. We shall explore the business infrastructure, offer, customers, and financial models.
Business Infrastructure
Our Business infrastructure encompasses key partners, principal business activities, and critical resources.
Key partners
Our idea will bring strategic alliance and joint venture partners aboard to acquire resources and reduce business risk; strategic partnerships will see our company forge business relationships with corporations and companies to enhance the provision of our services to our customers through agreements.[1] Some of the key partners we are looking to work with are Banks and financial institutions, to make the investments possible.
Key Activities
The idea involves activities such as collecting customer billing information, and the next action is to find information that can help us understand the billing cycle. The other event is to manage finances from our clients and stakeholders, and the next business is to invest and finally to pay bills on behalf of our clients.
Key Resources
To fulfill the critical activities of the idea; we take into consideration financial and human resources. For the financial aspect, we require cash as the main factor attribute for our business. We would also use human employees as our source of labor to and finally, we would have a physical address for our office, where we can be reached and answer questions to our customers. Within the physical location, we will need computers and software to map our clients’ bills to their investments and track their progress.
Value Preposition
In this section, we investigate the value proposition that we promise to offer our customers. The value proposition is the promise we intend to deliver to our customers who decide to do business with us.[2] We use the value proposition as a marketing strategy to introduce consumers to our brand. Our value statement states ‘settling your bills once and for all within a life cycle through investment.’ Our company offers financial investment services to our customers. Our core objective is to train our customers on how they can live a stress-free life from worrying about bills, house rent, tuition fees, a nice car, insurance, water bills, medical bills, travel bills, and many more. Choosing to Invest with us helps our financial coach to walk our clients through various streams of investment s that undertake to map and match every bill of our customers to the profitable return of their financial investment, which will be used to settle recurring bills once in a life cycle.
Customers
Our company intends to employ a customer relationship marketing approach where our services connect our customers to our brand, develop a secure emotional attachment, and bring our customers back wanting more. For starters, we have only shared our ideas with our family and friends, who will be our first customers. The result is positive feedback as our customers eagerly await our product and are already talking about it to their friends. So far, we can say that we have customer lead generation relationships and move from a customer to a business relationship where we communicate, connect, appreciate and use customer feedback to exceed expectations and look to enhance to other associations such as improving customer experiences.[3] Our business will use a personal financial coach that will work with our clients and offer assistance in all investment and decision-making levels. We offer customers the flexibility to work as a group. We have not automated our processes since we are at the start-up level, but in the future, we will be fully automated and offer self-service facilities. Our customer segment spans across the working class, employers, learned university graduates, people in business, entrepreneurs, and parents.
Financial Viability
Cost Structure
Cost structure indicates the business occurrence deviation between the variable and fixed cost of the company. In measuring the cost structure, we will closely evaluate our service, customers, product, geographical region, and division. Coast structure will lay down the foundation and help us compile a detailed product cost structure, service cost structure, and customer cost structure and product cost structure.[4]
Revenue Streams
We intend to push our idea using recurring revenues where our customers will subscribe and work gradually to invest all their bills, as our customers can start investing their bills and later on the move to non-recurring revenues where their bills are automatically paid by the returns from the investments we have undertaken on their behalf. Our company revenues will be generated from subscriptions and a share of the profits earned.[5]
Conclusion
A sustainable bill management system is the future of bill management that offers a solution to take away the hustle bills and bill payment from our customers through a sustainable process. Bills are significant positive assets for collectors and termed as unfavorable of payers. Bills can course psychological trauma and needs to be managed well. Business is to manage bills for our clients the best way possible. One of the methods is to invest so that the investments yield and pays for the bills. This way, the client does not worry month in and month out or year after year where and how they will spend on their bill. A sustainable bill management system aims to work with clients and smartly invest customer’s money and gain returns and manage customers’ bills.
Bibliography
CFI Education. “What are Strategic Alliances” [Online]<https://corporatefinanceinstitute.com/resources/knowledge/strategy/strategic-alliances/> (accessed in July 2020).
Alexandra Twin. “Value Proposition.” [online]<https://www.investopedia.com/terms/v/valueproposition.asp> (accessed July 2020).
Mike Kappel. “5 ways to build a killer relationship with customers”. [online] <https://www.entrepreneur.com/article/282364> (accessed in July 2020).
Account Tools. “Cost Structure.” [Online]<https://www.accountingtools.com/articles/what-is-cost-structure.html#:~:text=Cost%20structure%20refers%20to%20the,%2C%20division%2C%20or%20geographic%20region. > (accessed in July 2020).
WallStreet Mojo. “Revenue Streams.”[Online]https://www.wallstreetmojo.com/revenue-streams/ (accessed in July 2020).
[1] CFI Education. “What are Strategic Alliances” [Online]<https://corporatefinanceinstitute.com/resources/knowledge/strategy/strategic-alliances/> (accessed July 2020).
[2] Alexandra Twin. “Value Proposition”. [online] <https://www.investopedia.com/terms/v/valueproposition.asp> (accessed July 2020).
[3] Mike Kappel. “5 ways to build a killer relationship with customers”. [online] <https://www.entrepreneur.com/article/282364> (accessed in July 2020).
[4] Account Tools. “Cost Structure.” [Online]<https://www.accountingtools.com/articles/what-is-cost-structure.html#:~:text=Cost%20structure%20refers%20to%20the,%2C%20division%2C%20or%20geographic%20region. > (accessed in July 2020).
[5] WallStreet Mojo. “Revenue Streams.”[Online]https://www.wallstreetmojo.com/revenue-streams/ (accessed in July 2020).