One of the greatest inhibitors of business growth and longevity is missing opportunities for creativity and innovation in your business model. This is most common in businesses that have reached profitability and are working diligently to maintain their customer and revenue base. While it is certainly understandable, it also leaves your company vulnerable to missing opportunities to take advantage of new market segments, product opportunities, and market expansion. The image below shows the classic business model, which answers four important questions:
re-View Business Strategies will help your company examine each of these questions to determine if there are opportunities for improving processes, practices, and promotion, which often leads to innovations that give your company a competitive advantage. Business model innovation does not have to be new technologies, nor does it require a significant amount of resources. It has far more to do with taking the time to analyze market leaders in others industries to determine if incorporating their strategies can add value to your business model.
