Presentation #10
Latest Business Model
Financial Plan
This week we took a closer look at our costs: how much are we actually spending? It is crucial to control the costs in order to create a viable business model. We do not want too waste our money, especially when our revenues are (still) very low!
Take a look at our financial planning and download the file.
Take a look at our financial planning and download the file.
uni2go_financial.xls | |
File Size: | 2325 kb |
File Type: | xls |
Update: Financial Plan revised
Risk Assessment
Taking a closer look at risks is very crucial, too. Therefore we analyzed the possible risks Uni2go faces.
Version 2.0
KEY RISKS
PARTNERS’ DEPENDENCY
Due to the lack of financial resources and low revenue streams it is necessary for UNI2GO to build up a vast network with the help of our partners. Therefore, we rely heavily on them. UNI2GO can only attract business services that want to advertise on the platform when there is high traffic on the website. This is why it is crucial to maintain a good partner relationship and implement a qualitative high and efficient partnership relationship management. UNI2GO has to constantly improve and increase marketing capacities for the partners on a big scale. Combining the latter with regular personal meetings, where goals and strategies are defined as a group, these partnerships can be successful.
TRUST ISSUES
UNI2GO is a website with user-generated content, where authentic reviews are shared from students to students. But how can UNI2GO ensure that all reviews and ratings are genuine and trustworthy? If one cannot rely on these the platform no longer has any value. UNI2GO can reduce the risk by obliging students to log in with their student accounts i.e. only students who are enrolled in the university may comment on that university. However, UNI2GO will then miss out valuable customer experiences, such as former students, exchange students or just any student who has knowledge about the university. Simply making customers register their details would be a start, but it would also lead to a sharp fall in UNI2GO’s user numbers, as people do not like obligations.
LACK OF REVENUES
One of the biggest risks UNI2GO faces is that the business would not generate enough revenue in order to cover its costs. It is crucial to keep offering our customers the best experiences possible through the best quality services. Therefore UNI2GO must always strive to generate high traffic on the website, keep the customers active, so that advertisers are willing to promote their services on the platform.
Take a look at our Risk Assessment Analysis below for further risks of Uni2Go.
Version 2.0
PARTNERS’ DEPENDENCY
Due to the lack of financial resources and low revenue streams it is necessary for UNI2GO to build up a vast network with the help of our partners. Therefore, we rely heavily on them. UNI2GO can only attract business services that want to advertise on the platform when there is high traffic on the website. This is why it is crucial to maintain a good partner relationship and implement a qualitative high and efficient partnership relationship management. UNI2GO has to constantly improve and increase marketing capacities for the partners on a big scale. Combining the latter with regular personal meetings, where goals and strategies are defined as a group, these partnerships can be successful.
TRUST ISSUES
UNI2GO is a website with user-generated content, where authentic reviews are shared from students to students. But how can UNI2GO ensure that all reviews and ratings are genuine and trustworthy? If one cannot rely on these the platform no longer has any value. UNI2GO can reduce the risk by obliging students to log in with their student accounts i.e. only students who are enrolled in the university may comment on that university. However, UNI2GO will then miss out valuable customer experiences, such as former students, exchange students or just any student who has knowledge about the university. Simply making customers register their details would be a start, but it would also lead to a sharp fall in UNI2GO’s user numbers, as people do not like obligations.
LACK OF REVENUES
One of the biggest risks UNI2GO faces is that the business would not generate enough revenue in order to cover its costs. It is crucial to keep offering our customers the best experiences possible through the best quality services. Therefore UNI2GO must always strive to generate high traffic on the website, keep the customers active, so that advertisers are willing to promote their services on the platform.
Take a look at our Risk Assessment Analysis below for further risks of Uni2Go.
Version 2.0
Version 1.0
Our presentation on Slideshare.