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Published on Thursday 1st of September 2016



Do You Have a Successful Business Model? Is it Time to Change?


Get a successful business model

Successful business models evolve over time. Have you reviewed yours lately?


In recent years, a number of leading companies worldwide have been shaken by newcomers to the scene. Ignoring the writing on the wall, these market leaders omitted to rethink their once successful business model, and now they are too late. As of 2015, just 12% of 1955’s Fortune 500 companies in the US, which include IBM and 3M, remained on the list. Similarly, just 7 years after Research in Motion (Blackberry) made the top 10 of Fortune's 100 Fastest Growing Companies, it has dropped from the list.


As Richard Foster of the Yale Entrepreneurial Institute said: “The average lifespan of a company listed in the [Standard & Poor’s 500 Index] has decreased from 67 years in the 1920s to 15 years today.” The global economy has undergone a series of drastic changes - and these shifts aren’t over yet. Therefore, companies need a successful business model that evolves.

Drastic economic changes that led to shifts in business practices

You are probably familiar with some of the most drastic economic changes of the last decade. Some of these include:

In order to make this article as concise as possible, we’ve held back from listing many other trends.

Do you need to reassess your business model?

Stay on top of the trends that are relevant to your business to ensure a continuously profitable business model.


Re-evaluate your business model. Maybe you’ll see the need to create a new plan or to adjust your existing model. After all, you do not want to find yourself in the same situation as the taxi drivers when Uber rolled into town!


For help on developing a successful business model suited to a new business reality, Contact us today!



CATEGORIES:

Successful Business Model    Business Strategy    Business Marketing Planning