What will the future look like, when you don’t have the business model fundamentals in place. Or, when we all start to recover from form a drought, flood, fire or the recent COVID-19 pandemic? It’s essential to remember “this too shall pass”. And, equally valid, some parts of the economy will make the shift in business modelling sooner than others.
So, which parts of the economy will recover first? That’s guessable too, but services relying on a substantial volume foot traffic, such as big sporting arenas will probably be the last to return to normal. With a strong community and positive outlook, you will get through the crisis.
When you think about it, everything which has led us to this point has prepared us well for what’s to come. It’s always darkest just before dawn. Whatever the size or shape of your business, we believe there are fundamentals which should become part of your Business Model on the way to a brighter future.
Make a move to a brighter future.
- Align your business plan and talent strategy. Ensure every aspect of your talent strategy directly contributes to your overall business plan.
- They are creating value for customers. Change anything that doesn’t.
- Marketing is still critical to business success. Have your business model fundamentals identify precisely how potential customers will find you because you will enhance the customer experience.
- Knowledge management will impact the success of your Business Model. Look for ways to take advantage of ‘big data’ and the information and knowledge your business contains.
- When facing the future, look at where your business is heading not where you’ve been. Keep questioning whether your Business Model will give you what you need when you need it.
- Will, your Business Model, take into account globalisation and the need to withstand any global and technology pressures? Pressures like intensifying competitive activity.
- Pay particular attention to pivotal roles and partnerships. They can contribute to profitable growth and sustainability of the model. It should involve outsourcing your non-core activities.
- Innovation will be critical to many businesses surviving because we no live in a more competitive world. If you maintain the status quo, you will never grow. Make your Business model flexible enough to incorporate new initiatives.
- Focus on the outcomes. Make measurements, benchmarking and analytics part of your Business Model.
Learn what to do right now to identify your most significant opportunities, and use the current situation to adjust the way you do business to the next level. Many spend their days guessing how their actions will impact the future, and their often wrong, and the struggles continue. When the future doesn’t cooperate, spend your time thinking through what matters, your business model fundamentals.
Business Model structures are becoming more virtual.
You can make a massive difference and enjoy a remarkably abundant and fulfilling lifestyle if you get your Business Models right.
The virtual business phenomenon is transforming the way millions of Business Models operate. Some business owners are outsourcing nearly everything by utilising cloud technology. Does your business model take into account outsourcing possibilities? http://goo.gl/on3Ahf.
Outsourcing includes people and partnerships in the Business Models who may be anywhere in the world. Great Business Models are also needed to cost-effectively and quickly start-up new projects and ventures.
With ‘Generation Y’s’ coming into the business, hierarchies will start to disappear. Generation Y’s expects to work in communities of mutual interest and passion, not structured authorities. Consequently, people management strategies will have to change. They need to look more like Facebook and less like the pyramid structures you might have been seeing.
Creating a new business model is a lot like writing an original story. At some level, all new accounts are variations on old ones. There is a need to rework the universal themes underlying all human experience. Similarly, all new business models have mutations in the value chain underlying all businesses.
Your value chain should be part of the business model.
A value chain has two vital parts.
- It includes all the activities associated with making something. Designing it, purchasing raw materials, and production.
- It includes all the activities associated with selling something. It is finding and reaching customers, transacting a sale, distributing the product and delivering the service.
A new business model’s plot may turn on designing a new product for an unmet need, as it did with the traveller’s check. Or it may turn on process innovation, a better way of making or selling or distributing an already proven product or service.
Mobility combined with cloud computing is enabling businesses to adapt to rapidly changing markets. All businesses, farmers, non-profits organisations, and communities need to move quickly to capitalise on cloud computing which is the most significant innovation. It is currently causing the most significant disruptions to old Business Models or ways of doing business. One important consideration is to keep your business model flexible. http://goo.gl/OvN8DJ
“Adversity and competitive forces are continually wrecking existing business models which are not flexible and adaptable to new market conditions.” Peter Sergent.
“Don’t be wishing you had a more viable business model. If it were a health issue, you would see your health professional. So, why wouldn’t the same apply to your business health issues”. Peter Sergeant