Previous Business Model Doesn’t Work? Find a New Way

Organizations rely on their business model and goals to move forward and get a competitive advantage. Has coronavirus thrown all your organization’s efforts into the wind? Also, you do not know how your dwindling business can resuscitate. Do your customers now want different things, and you do not have any data to back your propositions to the top management? In this article at InformationWeek, Matthew Halliday shares how you should create a new business model by embracing the present scenario.

Rebuilding the Business Model

IT leaders and business owners were utterly taken aback by the unprecedented setback to their business model. Usually, they all have created their goals and set their milestones even before the new year celebration took place. They now must redo everything to get their business back on its feet. So, how do you take it forward? Here are some ideas to play around with:

Loss for Some, Win for Others

Some are waiting for the storm to get over, while others are thinking about the situation as an opportunity to rethink their business model. For instance, Domino’s Pizza is undergoing digital transformation full-steam. It has hired 10,000 drivers and started a contactless delivery system. The initiative has increased its sales by 10 percent in the U.S. market alone. Also, they have launched a loyalty program that rewards anyone that orders pizza, even from its competitors. Customer demands have shifted drastically since the onset of the pandemic. Work on your business model today and be ready to scrap that for a new one.

Readying for Constant Shift in Focus

The famous inventor Thomas Edison tried for the umpteenth time before he invented the perfect light bulb. “I haven’t failed. I’ve just found 10,000 ways that don’t work” is his observation. You have been doing the same all these years. The difference is that you have to rethink all of that and start over. You cannot wait for the results to come in after months or years. You need the business model to show your results now. The positive outcome is that everyone is on their toes, working on something groundbreaking.

Experimenting with an Open Mind

Companies that have already started adopting new technologies, legacy systems would not be able to pull them back. Brainstorm on small ideas with faster iterations so that you know if those would work for you within days instead of a year. Scientists worldwide are collaborating and putting their heads together to invest in a vaccine that can stop the virus from spreading. Even if they succeed in getting one, businesses would feel the after-effects of the pandemic for a long time. So, become more agile and ready to adapt to a new situation to survive the losses.

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