Tradition vs Innovation: Navigating Business Model Relevance

Introduction: The Challenge of Relevance

Over the years, I have challenged several clients and other business owners about the relevance of their current business models.

What I am effectively asking in that question is, given what you do today, no matter how profitable, will it still be effective and valuable in 5 years’ time?

The Reality Check: Embracing Difficult Questions

People find this a challenging and at times an upsetting question because the answer may be a brutal reality no one wants to face. It has upset some clients so much that they have chosen to cease using the services of our business.

Why Ask Tough Questions?

Given this, why ask the question?

The simple answer is because it is the right thing to do. The economy and business world are moving so fast that no matter your level of success today, how confident you are in your business model, how much profit you make, how good your relationships are with customers and suppliers, things change.

The Ever-Changing Business Landscape

What is the status quo today can be very different tomorrow.

The reality is that technology, labour markets, outsourcing, currency movements, and other factors change so quickly that opportunities for new market participants open up every day.

Rupert Murdoch said it is no longer a matter of the big eating the small, instead, it is a matter of the fast eating the slow.

The Importance of Regular Strategy Review

Therefore, it is critical that businesses regularly review their strategy so that they can pivot and adapt given the rapid changes afoot.

A Cautionary Tale: I share an example where a failure to adapt led to a business becoming irrelevant and financially untenable.

Staying Ahead: The Role of Continuous Strategy Reassessment

The most successful businesses revisit their strategy quarterly to ensure that it remains relevant. This enables them to identify issues and make changes to stay ahead of the game.

Our Approach to Ensuring Business Model Relevance

Our process assists business owners to put robust structures around their business models so that they not only survive but thrive in a fast and ever-changing business environment.

Conclusion: Thriving in a World of Change

If you would like to know more or are interested in ensuring your business model remains relevant and competitive, please contact our office and book a session with one of our advisors.

Please contact our office and book a session with one of our advisors