I've helped clients facing loss due to changes in markets, copyrights, legislation, and supply chain. They are faced with the question - What would I do now?
If my current business model were no longer viable or legal, I would first try to understand the root cause of the issue. If the problem is due to external factors such as changes in market conditions or regulatory requirements, I would consider adapting my business model to meet the new demands. For example, this could involve changing the customer segments I target, the value proposition I offer, the channels I use to reach customers, the relationships I have with suppliers and partners, or the sources of revenue I generate.
To help with this process, I might use tools such as the jobs-to-be-done framework and the business model canvas. The jobs-to-be-done framework helps me understand the needs and desires of my customers and how my product or service can help them get a specific job done. The business model canvas is a visual representation of the critical elements of a business model, such as value proposition, customer segments, channels, revenue streams, and key resources and activities. By analyzing and iterating on these elements, I can identify new opportunities to create value for my customers and build a sustainable business.
It's also important to keep an open mind and be willing to pivot or completely change course if necessary. This might involve exploring new markets, adopting new technologies, or developing new products or services. I've seen pivots turn into tremendous advantages!
Ultimately, the key is to remain adaptable and flexible in the face of change and continually seek opportunities to create value for customers and drive business growth.
