July 16, 2019
When an opportunity for growth falls outside of your business model, probably you need to make certain changes. Nowadays we often hear that the economy is struggling, business is declining etc. Let’s rethink, and ask ourselves if the economy is really struggling or is our business model struggles? Something worth pondering here:
- Car sales are going down, but Carsome is rising.
- Taxi sales are declining, but Grab is scaling regionally.
- Retail outlets are closing, but online retail formats are intensifying.
- Traditional retailers are struggling, but online marketplaces are breaking records.
- Traditional beauty centers are closing, but aesthetic beauty sales are escalating.
- Restaurants are shutting down, but DahMakan’s home delivery is rising.
- Many colleges are losing students, but online classes and FREE seminars are mounting.
- Traditional media advertising sales are falling, but new media formats are growing.
- Telephone bills are diminishing, but the Internet data usage is snowballing.
- Stable jobs are struggling to find replacements, but Startups jobs offering equity and flexi-hours working are escalating.
We observe, here in GECB, it is challenging for those business models rely on old-fashion and unreliable data. In fact, nowadays successful business leaders are more prepared than ever to test and tweak their core business activities in changing times. Also, changing business models is required as often as product designs. So are the business eco-system, revenue models, profit margins, sales mechanisms and so on.
In sum, successful business models, we found, are ones that use solid information to understand customer expectations earlier and more detailed than their competitors.
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