Replicating Business Models and Processes - by Ravi Patel

 

 

Entrepreneurs can achieve growth by replicating their successful business models to new markets. The success of famous franchises has been based on utilizing this growth principle. McDonald's, Pizza Hut, Starbucks are just some examples of this approach.

 

In order to  replicate the business model, it is essential to standardize the business processes used in the model, perfect them, and then implement them in new locations. Efficient processes in all areas of business - financial, operations, marketing, human resources, and so on form the formula for successful replication and thereby growth.

 

Entrepreneurs desiring to grow their businesses may want to consider this approach.

 

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