The President’s current political, foreign policy and domestic issues remind me of running a business in challenging times. Never forget about customer experience and how markets change. Our economy totally tanked. Yet the Obama administration and Congress marched forward into health care as if nothing was really different. A more moderate approach to health care reform, coupled with a stronger emphasis on innovation initiatives to improve our long term economy would have been a smarter move on the administration’s and Democratic party’s part. To what extent is your business model based on old paradigms about your target market? Recognize competitive threats, but don’t get so focused on the threat, you lose sight of opportunities. The terrorist threat is daunting and must be managed, much like many competitive threats businesses face. But if all US policy’s focus is on this threat, as NYT columnist…
Leading Business Model Innovation
My CEO client sent the following e-mail to his leadership team last week to prepare for this week’s retreat that I’ll lead. His e-mail is an example of terrific business model innovation leadership. We will make mistakes as we go through this planning –this week and beyond. I’m more concerned about not making mistakes. If we don’t make mistakes, it means we are taking no risks, we are content with the status quo and are defaulting to making a few minor changes here and there. We can’t do that. The way I see it, that’s far riskier than making decisions and finding out that our best plans need to be adapted. Not making mistakes means choosing film over digital, slide rules over calculators, Northern Lights [bet you never heard of that] over Google. As we think about what we plan this week and…
Business Model Strategy Execution Rests in the Details
“You’ll find the style you want at the optometrist store on State Street,” my most stylish girlfriend advised. Sure enough, I walked into rack after rack of brands and styles upon entering the shop. While the amount of choice was reassuring at first glance – surely there is a look here for me – I soon felt frustrated. Already daunted by the prospects of wearing glasses full time, selecting “my best” style felt as confusing and full of potential regrets as selecting a college felt when I was 17. “Can you advise me on a good style for my facial shape?” I asked the elderly clerk ten minutes into my trying styles on. “No. You’re on your own. But I can access the most expensive brands in the locked cases if you want.” Half an hour later, I left. The store’s “best choice”…