“Same procedure as last year? Same procedure as every year...” Who doesn't know these legendary phrases from “Dinner for One”? But they cannot be transferred to business models, especially not in times as turbulent as today.
Business models should be regularly reviewed and adjusted, regardless of how successful they have been in the past. Let's just think of kodak, which built the first digital camera and yet did not believe in digitizing photography. An expensive miscalculation, which Kodak paid for in the end with its own insolvency.
There is currently a lot on the move among SMEs, due, among other things, to higher energy prices, disrupted supply chains or a shortage of skilled workers. In addition, the topic of sustainability, which has now reached the manufacturing sector. Proven materials — often produced using energy costs — are suddenly put to the test and will probably have to be replaced sooner or later. In some industries, automation of production is progressing faster than expected. In others, it is possible to individualize products through 3D printing, among other things, and thus meet special customer requirements. Just keep thinking about these considerations and transfer them to your own field of business — and you may see just how much the Disruption will also change your company.
So what to do? In my opinion, simply reviewing the usual key figures at the beginning of each financial year falls short. A critical look at your own product portfolio is at least as important. Digitalization, for example, will make some products superfluous or technologically change in the future. So why stick to it when it's just as possible to put time and energy into Development of future-oriented products to invest that match the company's know-how?
Also recommended: a look at the trends of the next few years and decades. What is already on the horizon today — in your own sector and in the overall economic and social situation? How are the markets for your own products changing? Which customers are we addressing today, which tomorrow and the day after tomorrow?
We live in an aging and increasingly culturally diverse society. That alone requires appropriate adjustments for products and services. Easier, intuitive operation and user guidance, larger controls and keyboards, operating instructions in simple language or with easy-to-understand pictograms... Or let's look at the food industry: vegetarian, vegan, lactose and gluten-free, organic, fair trade, halal, convenient, climate-neutral production — 20 years ago, some of these trends were still in their infancy or no one had them on their screen. And today?
Thinking visionarily helps you strengthen your business model. This includes the honesty of acknowledging that your strongest products or services today may be swept off the market or may need to change in the future.
You might be thinking now: Susanne Kremeier is easy to talk. But I too put my business model of strategy consulting to the test during the pandemic and developed it further. The result is a hybrid model, which brings together the best of the analog and digital world: Trust plays an important role in my business in particular, and this trust is created primarily in real encounters and conversations. But much of the consulting process can then be processed digitally — at significantly lower costs.
Will this hybrid model still be viable in three, five or ten years? Do you believe that Bosch technology compass, trust in the digital world is increasing worldwide. Countries such as India and China are pioneers here. Sooner or later, this trend will also prevail in Germany and will continue to change my business model.
Would you like to review your business model and are looking for a competent sparring partner? Simply arrange a first one with one click free strategy talk. I'm looking forward to seeing you!
