{"id":482,"date":"2019-03-29T23:54:45","date_gmt":"2019-03-30T04:54:45","guid":{"rendered":"https:\/\/lindagorchels.com\/blogs\/?p=482"},"modified":"2023-04-22T04:53:53","modified_gmt":"2023-04-22T09:53:53","slug":"expert-business-model-advice","status":"publish","type":"post","link":"https:\/\/lindagorchels.com\/blogs\/expert-business-model-advice\/","title":{"rendered":"Business Model Advice from 8 Experts"},"content":{"rendered":"\n

Forget “business as usual.” Don’t believe everything you read about “best practices.” There is no “magic bullet.” <\/p>\n\n\n\n

\"Business<\/figure><\/div>\n\n\n\n

When your market changes, you have to change your strategy–and maybe even your business model–to survive and thrive. Prepare for sustaining growth, transformative growth, and disruptive growth. And take advice from as many disparate sources as you can. Start here.<\/p>\n\n\n\n

At the end of every chapter of Business Model Renewal<\/a>, I included an interview with a prominent business leader or consultant. Each offered different perspectives on business models. Following are snippets of their words of wisdom for executives rethinking their business models.<\/p>\n\n\n\n

The Importance of Developing a Business Model Portfolio<\/strong><\/h3>\n\n\n\n
\"(Mary)<\/figure><\/div>\n\n\n\n

Kay Plantes<\/strong>, Principal, Plantes Company, LLC<\/a><\/p>\n\n\n\n

The speed with which product and service\ncommoditization arises in today\u2019s more open economy is remarkable. Price\ntransparency, stronger buyers, supply chains that can copy anything, excess\nsupply, the global recession and slow recovery\u2014there are many forces behind the\nacceleration. Collectively they are shifting the basis of competition from\nindividual products and services to business models as business models are\nharder for competitors to copy. I always tell my clients, \u201cEvery industry has its Wal-Mart, the lowest cost business model. If\nthat\u2019s not what you want to be or can be, avoid becoming your industry\u2019s Sears.\nThink like Target \u2013 build a different business model.\u201d<\/em><\/p>\n\n\n\n

In industry\nafter industry, barriers to entry are melting away. Industry boundaries are\ndisappearing, competitive advantages are becoming obsolete as new ones arise\nand products and services are easily copied, thanks to supply chains that can\nrecreate anything, seemingly overnight. In these turbulent seas, the most\nimportant question leaders can ask is: Do we have the right business models and\nhow must we evolve them?<\/p>\n\n\n\n

To secure year-in-year-out consistent performance, leaders must build\na rich portfolio of business models, evolve these business models so they\nremain strong and then sell off the highly matured business models to make room\nfor investing in emerging ones, like IBM did in selling off its personal\ncomputing and other commoditizing hardware businesses to make room for its\nSmarter-Planet service business. Leaders must build platforms that are\nleveraged by these business models, platforms that both advance efficiency and\nenable the company to offer its customers hard-to-copy benefits. And leaders\nmust think about how their businesses relate to the external ecosystem of which\nthey are a part, as competition is increasingly between ecosystems\u2014the Microsoft\nworld or Google world\u2014and  not just\nindividual companies. <\/p>\n\n\n\n

\u201c\u2026[I]n today\u2019s open economics, great execution is no longer sufficient for survival or success. Great strategy\u2014the design of your business models, company, and ecosystem\u2014is now a necessary ingredient for success and a key to capturing the many wonderful opportunities that today\u2019s open markets create Make design an ongoing process that is separate from the planning work you must also do to make this year\u2019s financial targets.\u201d<\/p>\n\n\n\n

<\/p>\n\n\n\n

Sustainable Growth without Radical Change<\/strong><\/h3>\n\n\n\n
\"Bob<\/figure><\/div>\n\n\n\n

Bob Arzbaecher<\/a><\/strong>, Chairman, Actuant Corporation<\/p>\n\n\n\n