Innovation for an improved business model

With business norms rapidly changing, many businesses need to reassess their strategy and build resilience into their business model. Innovation makes the difference between revamping and reenergizing, and provides an opportunity to engage your team in evolving your business.

Some businesses assume that the old ways will return, and feel a certain type of nostalgia towards the recent past. This mindset needs to alter and these businesses need to evolve. The most effective way of doing this is for leadership to engage the whole team in the process, and for the entire organisation to feel vested and valued in the new way forward.

Many SMEs have already effectively adapted to the new remote working arena. We are now all holding online team meetings, workshops and even orchestral concerts. The possibility of casually “bumping into” a potential client at a networking lunch has been replaced by online networking and ‘serendipity’ groups and we are seeing more professional activity on social media platforms.

For SMEs who are unsure how to develop their businesses in this new space, the Online Business Model Canvas is a good place to start. However, there is no rectangle for resilience on this Canvas, so we researched around this topic and added new elements to this efficient and results focused tool.

When we meet with our clients, we use a combination of two online apps to achieve an interactive meeting space, and bring in bespoke templates to evaluate their current status and help develop their new business model. In addition to the trusted Business Model Canvas, we might include an empathy map or a challenge wheel, or other process that allows us to tackle the concept from different angles. An empathy map dives more deeply into the customer base, while a challenge wheel presents the opportunity to prepare for unforeseen circumstances. Thus the success focus shifts from being solely on their profit margin, to a more well-rounded business security and resilience model. This ensures that we have integrated approach to finding the most desirable, feasible, viable, and resilient solutions.

One particular SME wanted to reopen for business using a different format that they had previously adopted. Our approach worked by looking at who they currently serve, who they want to be serving, what their revised value proposition is, and working this into an achievable, competitive business. The integrated methods allowed them to see exactly what their goals were and how to achieve them. By going through what needed to change and why, it became easier to define the step that would make that significant positive impact for them. The end result is simple, a clear and detailed plan with an achievable vision of secure growth and resilience for their business.

“The Zoom workshops I had with Sawsan were invaluable.”

“She quickly understood my business concept and applied her knowledge to help me ultimately define my business model.”

“Sawsan was extremely fun to work with and at the same time focused.”

“Thank you so much for all your help and patience.”

“I am excited to have a clearer vision now, as well as a detailed plan of how to progress with the project.”