7 Questions – Your Business Model May Need Changing

7 Questions – Your Business Model May Need Changing

Winston Churchill said it well,

‘To improve is to change; to be perfect is to change often.’

It is clear, we are experiencing unprecedented change in many industries — urbanisation advancement, tremendous technological changes as ‘software eats everything,’ increased global connectivity and an ageing population to name a few.

The future winners will be those who face change and then embrace it or, after consideration, realise that it isn’t for them and opt out at the right time.  There is no space for those who choose to ignore the need to change.  You will be left behind.

In #MyIndustry, high technology/telecommunications, these changes are also bringing about a new Buyer. One who interacts differently with products and services and makes new demands on companies.  Changes need to be considered throughout the selling process – in sales engagement and salesforce structure (now taking the website onboard as a part of the salesforce vs. a communications tool), in service and support and in new customer acquisition.  As more changes take place, power shifts, and global competition increases, performance challenges will mount and new business operating models are required.

And this is not just being seen in high technology/telecommunications markets. Nearly all industries have to seriously consider what options are available.  We all know about Amazon reinventing publishing and now moving into retail.  But let’s consider manufacturing companies who decide to license their intellectual property.  Or, the changes in the automotive industry or how Facebook is taking over the hardware market with its Open Compute Project.

Think your company may need to change?

Consider these 3 questions:  

  1. Are you seeing immense competition or competition from unexpected areas?
  2. Has your growth plan slowed or reversed?
  3. Are your customers no longer excited about your offer?

CEOs and their management teams are at different phases about the realization that the traditional B2B business operating model is about to transform on a grand scale. Many of those who fail to adequately analyse their current business model and build a strategy for transformation are risking their livelihoods – and those of their employees.

Sounds dire, doesn’t it? Change is not always easy, but sometimes you have to take  people, companies and organisations to new levels.

A few more questions to see if your company needs change…

  1. Is your company product dependent or do you have a Managed and Adoption Services Roadmap that has been tested with customers?
  2. Is your website a communication tool or part of your salesforce, bringing in measurable results?
  3. Has your company made the leap to a Selling Organisation vs. one that has a traditional product-marketing-sales structure?
  4. Has your company started to think about how to share data with customers and how to sell Business Outcomes as a Service?

If any of these questions perplex you or you know they haven’t been addressed, now is the time for action and change.