Adapting the business model to create flexibility
There has been much talk for the last decade about having an agile strategy or being a flexible company. This is seen to be even more important in crisis situations – such as much of the world is currently facing. However, although there is a great deal of information about the “why”, there is less about the HOW and far less about real case studies of such.. So when we came across this article about pop-up shops (Inc. mahgazine) we thought we should publicise it as an example of how this can work in practice.
The article discusses how a New York City beauty chain store launches pop-up shops (temporary shops) to capitalise on the Halloween season – with significant success. This may sound like a tactical or short-term move – but in reality it is part of their overall strategy and is carefully planned.
For us, there are 2 points of particular interest:
- They use a model that seems to be more similar to a prototyping model than more traditional strategic models. They try, learn and refine based on their new knowledge.
- It is built into their overall strategy. For instance, if a particular pop-up store is successful in attracting young females they may convert the temporary store into a permanent one as the location obviously works for their target market.
We recommend you read the short article (click on the link) and while doing so, consider whether or not there may be analagous things you might be doing to to generate new revenue streams – especially if you are suffering in the current crisis. Are there parts of your business model that may not be as “fixed” as you believe? (eg Do retail stores have to be permanent fixtures? Must you own manufacturing facilities or warehouses?)
Look out for the latest in our series The 7 Habits of Highly Effective Decision Makers: Habit 3 Using Visualisation. In this document, you will find ideas about using visualisation to stimulate creativity and innovation – which could be useful in thinking about your agile strategy (Habit 3 to be published tomorrow 11 October 2011)
If you would like to discuss how you might go about deciding whether you should make your strategy more agile or how you should go about it, drop Simon a line at firstname.lastname@example.org.
Business models – rock your world
You all know that the next one of the 7 habits series is due out soon and you all know it is about the power of visualisation in decision making. Well, for something to tantalise your imagination while waiting … think about the power of visualisation when it comes to developing business models.
That may be defining, reviewing or refining your own. Or it may be a paradigm smashing, industry-disrupting model that is going to make Mark Zuckerberg say “WTF” (that may be rude, but those would be his exact words).
Well here are two neat resources to get you thinking:
A slideshare presentation that describes the top 10 business models of 2010 with an interesting way of portraying it:
Top 10 Business Models
A web-site discussing a book and a concept called Business Model Generation. It is obviously a promotion of the book but has plenty of interesting material that is useful in its own right including a 72 page preview
Business Model Generation
(And a quick acknowledgement to Xenia Viladas from XVDMC for directing me to Business Model Generation).
If you would like to discuss how we can help you make a decision on your business model (existing or new), drop me an email at email@example.com or give me a call.
Visualisation methods – a useful tool and the steps to excellence.
This short post is part of the build-up to the publication of the third habit “communicate visually and verbally” which covers the topic of visualisation and its applicability to taking strategic decisions.
For some time now on our “useful stuff” page, we have published a periodic table of visualisation tools. However, many visitors do not spend time surfing the entire site and may have missed this excellent graphic developed by visual-literacy that is incredibly rich with information about visualisation tools.
Click on the link below to reach an interactive table. Hover over each “element” and you will see an example of the tool. The categorisation is also excellent.
A periodic table of visualisation methods
Also from the same source, their suggested steps to visual excellence (which we recommend you consider within the confines of Edwards Tufte’s work – see recommended reading for details)
The steps to visual excellence
Genesis Management Consulting frequently use visualisation tools in our problem solving and strategic decision making work; and have proved again and again the power of visualisation for communication, creativity and insight generation. Contact us for further details.