Transforming your Business Model with Futures Intelligence.
Updated 17 July 2024
In a Boardroom not far from now...
"Sara, we're really happy with how the organisation has been doing," the Board said to her. "But we think it's time for a change."
Sara nodded. She had been feeling stuck lately too. The business model that had made sense when they started was no longer working as well as it used to. The world was changing fast and she needed to find a way to keep up.
Sara knew that business models were complicated, and she wasn't sure how to make a change. Thankfully, she had some help. She started working closely with her team to explore new tools and techniques for creating better business models. Together, they learned about things like customer value propositions, pricing mechanisms, market regulation and using planning tools like foresight, futures intelligence and scenario building.
As they worked, Sara started to see the potential for impact and future growth. She developed a new business model that would allow her company to create more value for customers, partners and society. She felt excited about the future once again - and knew that it was time to get started on the new business model transformation project.
Today, Sara's organisation is thriving more than ever, thanks to the successful transformation. And she knows that her work is far from over - there are always new ways to deliver impact, and she'll be ready to change her business model again when the time is right.
Sara's organisation is now on track for a bright future no matter what happens next. And it all started with finding a better way to do business.
Transforming your business model.
You've been running your business for a few years now and you're starting to feel like you're stuck. The business model that made sense when your organisation started is no longer providing the results you're looking for.
This often happens as organisations grow and become successful, especially in current times where the world is constantly changing. If you want to ensure your organisation's continued success, it's time to find a better way. That means rethinking your business model.
We usually think about a sector's transformation when new technology is adopted - like marketing automation, SaaS or cloud computing. But although new technologies are often important, they are never the only thing that causes a transformation. What really makes a difference is finding a business model that links the new technology to an emerging market need like changes in regulation, social needs, or customer behaviour.
Transforming your business model doesn't have to be an all-or-nothing proposition. You can test out a new business model by starting small and then scaling up if it works.
4 questions to ask when reviewing your business model.
When it comes to transforming your business model, the first step is gaining a clear understanding of what makes your current business model successful or unsuccessful. This means looking at all aspects of how you create and capture value, not just your product or service.
Some key questions to ask include:
How does your organisation create and capture value for clients/customers?
What is the relationship between price and value in your sector?
Who are your major competitors, and how do you compare with them on key metrics such as profitability, market share, and customer satisfaction?
How are you organised internally to create value, and what are some potential efficiencies you could gain by reorganising or partnering in new ways?
Once you have a clear picture of your current business model, it's time to start thinking about how you can improve it. This may involve making changes to your product or service, your pricing, your customer relationships, or your organisational structure. It may also require you to develop new partnerships or enter new markets.
How to improve a business model.
There are a number of ways to improve a business model. One common approach is to make changes to your product or service in order to increase its value for customers. This may involve adding new features or redesigning your product to make it more user-friendly.
You can also improve your business model by adjusting your pricing. If you can find a way to charge customers less without compromising the quality of your product or service, you may be able to increase your market share and improve your profitability. Alternatively, if you're able to charge more for your product or service without losing customers, you can increase your revenue and profitability.
Another way to improve your business model is by changing the way you interact with clients and customers. For example, if your company is able to better understand its customers' needs and improve its products or services in response to those needs, it can create more value for customers and ultimately increase its market share.
Finally, you may be able to improve your business model by making changes to the way your organisation is structured. For example, if your company is able to reorganise its divisions and streamline operations, it may be able to cut costs and improve its profitability.
5 tips to start a business transformation.
In order to find the right way forward for your organisation, you will need to carefully analyse all aspects of your current business model while keeping an eye on emerging changes. By taking a fresh look at your business model and making smart changes, you can ensure continued success for your company.
Looking to transform your business model? Here are some tips to get started:
Analyse the key components of your current business model, including how you create and capture value for customers, your pricing strategy, and your relationships with competitors and customers.
Consider potential improvements to your product or service, pricing, customer interactions, and organisational structure. This may involve adding new features, revamping your pricing strategy, developing better customer relationships, or reorganising your internal operations.
Stay attuned to trends, signals and emerging changes in your sector, and be prepared to make changes to your business plan in response. This may involve entering new markets, developing new partnerships, or launching new products or services.
Put together a plan for how you will implement the changes to your business model, and make sure to communicate these changes to all relevant stakeholders.
Be prepared to continuously adapt and evolve your business model over time, as customer needs and competitive dynamics change. By staying on top of the latest trends, signals and emerging change in your sector and making smart changes to your business model, you can ensure continued success for your organisation.
The process of business model transformation can be complex and challenging, but it is essential for organisations that want to stay ahead of the curve. By taking a fresh look at your business model and making smart changes, you can ensure continued success for your organisation.
Finding a better way to deliver impact and future growth is vital for all businesses, and successful business model transformations can be the key to continued success in a fast-changing world. A successful business model transformation can deliver a number of benefits for your organisation, including improved profitability and market share, a stronger customer base, and enhanced competitiveness.
4 tips for leaders of business transformation.
CEOs who successfully transform business models are focused on creating new value for customers, not just on protecting what has been built in the past. They have a clear vision for the future and are able to articulate how their organisation will create value in the years to come. By thinking 5 to 10 years ahead to make decision today successful CEOs can avoid being disrupted by technological or social change, or new entrants to their markets.
A CEO’s ability to see beyond the status quo and innovate is essential in today’s rapidly changing business environment. If you want to be a CEO who can transform your business model and deliver long-term success, you need to start thinking today about what might happen next.
The following are some tips for CEOs who want to transform their business models:
Articulate a clear vision: To successfully transform your business model, you need to have a clear forward looking, long term vision. This means thinking 5 to 10 years ahead and making decisions today that will position your organisation for success in the years to come.
Focus on creating new value for customers: A successful business model transformation is all about creating new value for clients and customers. This may involve developing new products or services, entering new markets, or expanding your customer base.
Be prepared to make bold decisions: To successfully transform your business model, you need to be prepared to make bold decisions. This may mean taking risks, investing in new technology, or making changes to your organisational structure.
Communicate your vision to all stakeholders: It is essential that you communicate your business model transformation to all relevant stakeholders, including customers, suppliers, employees, and funders. This will help to ensure that everyone is on board and can support your efforts moving forward.
When it comes to transforming your business model, the key is always to stay attuned to emerging changes in your sector and make smart decisions that will position you for continued success. By keeping your eyes on what might happen next and making well informed decisions, you can ensure that your organisation remains successful in a rapidly changing world.
Using futures intelligence to drive transformation.
Futures intelligence helps CEOs stay attuned to the trends, signals and emerging change coming their way. To get ahead of the game, they need to be proactive in making decisions that will position their organisation for continued success.
Here are some tips for using futures intelligence to transform your business model:
Monitor trends, signals and emerging change: It is important to monitor trends and change signals in your sector so you can identify potential opportunities or threats.
Don't forget weak signals: In addition to monitoring trends and signals, it is also important to identify weak signals of change. These are early indicators that something new may be on the horizon. To identify weak signals, you can use techniques such as trend-spotting, scanning the environment, and other foresight tools.
Use scenarios to explore possible futures: To gain a deeper understanding of the potential impact of emerging trends, it is helpful to use scenarios. These are conceptual narratives that help you envision how change may play out across futures and plan for different outcomes. Scenarios can help you to make smarter decisions today that will position your organisation for success tomorrow.
Develop a range of options: When it comes to business model transformation, it is important to have a range of options. This will help you to be prepared for different possible futures and make the best decisions for your organisation.
Implement a plan and continuously monitor your progress: Once you have developed a plan for business model transformation, it is important to implement and monitor it. This will help you to track your progress and make adjustments as needed.
The ability to successfully transform your business model is becoming increasingly important in today’s rapidly changing world. By staying attuned to change, making bold decisions, and communicating your vision to all stakeholders, you can ensure that your organisation remains successful in a rapidly changing world. With futures intelligence, you can monitor trends and change signals, identify weak signals of change, and use scenarios to explore possible futures, giving you the tools you need to transform your business model and position your organisation for continued success.
If you would like to explore a better way insight & foresight has the experience, skills and tools to support you to transform your business to deliver impact and future growth. We offer a range of foresight services, including futures intelligence, trend-mapping, scanning the environment and scenario development, to help you stay attuned to change and make smart decisions for your organisation.
Contact us today to learn more about how we can support you to find a better way!
