When Is The Time To Innovate The Business Model
Timing is important, here is what we learned.
We found different answers from different customers about the opportunity or need to innovate.
talking to startups and corporates can sometimes bring different views and understandings of how managers and entrepreneurs actually use the right timing to innovate their business model, here is what we typically see from talking to our customers in three different scenario categories:
- New venture – entrepreneurs and intrepreneurs tell us, that just before their starting to develop a fresh idea into total business model, they see the value of visualizing the entire picture and looking into exploring additional options. He would like to make sure that their new venture will get funded by investors either externally or internally, and they want to have simple tools to communicate it.
- New ideas – people are telling us they are tired of writing long plans that eventually their managers or investors don’t really look at. They love visualized tools that don’t take so much of their time for them to iterate with decision-making levels.
- Get your friends to help – one of the key difficulties that people share with us they have, is the fear of failure. They want to be in a situation in which they could trust close trusted advisors and communicate with them quickly to get their feedback about their initiatives. Business model Canvas and other tools serve that purpose in their minds greatly. They either use it to sketch out their own thoughts on the canvas and then invite others to add there’s and give them feedback, or they even get a group of friends together from various industries and diverse background to work with them and for them.
- Breaking the glass ceiling – we often find newly appointed CEO’s and their management teams ave a big goal in mind-turning around the company! sometimes, it’s moving from loss to profit, while on other occasions it’s about breaking the current revenue pace and finding new growth engines. When they’re really looking at the expansion or reinvention of their business model. Once they realized that, they understand very well that design thinking and agility are the modern tools they need.
- Become a winner – we talked to CEOs of companies who have been struggling for while with changing markets and increased competition, as well as “climbing a steep wall with greasy hands”, as they put it. the unique phenomena here is that they and their teams are looking for that magic miracle that will twist and turn their reality. They want to become the winners of a scalable and profitable operation.
- Cracking the customer enigma – when we talk to business development and marketing managers, we see a lot of hunger and passion for deeper understanding of their customers motivations, and even more so, the future customer motivations and profile. They’re telling us is that the database of numbers that they have is a tool they are already working with, and they are seeking new and creative ways all getting better intimacy with how their customers mind works, in order to design better products, services and solutions for them.
Progressing business faster
- Fighting commoditization – clients tell us that in the blurred world of commodity in their market, they find it hard to reinvent themselves. They also say that when they sense commoditization occurring, they know it is the best time for them to step out of the existing business framework into exploring new business models, to get ahead of the competition as far as they could.
- Getting everyone on board– we hear from senior managers and also from open-minded entrepreneurs, one of the key important aspects of their business is to create a common language and communication for everyone in their organization to move forward faster. there are telling us that they want to eliminate the clatter that exists in the blah blah blah discussions, and at the same time create clarity for everyone around them.
what would be your timing and motivation to look at your business model from a different perspective?