don't reinvent the wheel use high growth business strategies
DESCRIPTION
As entrepreneurs we feel that we need to reinvent the wheel to innovate and in the process we push ourselves out of the market. This slideshare focuses on how businesses can build high growth strategies by learning from predecessors in the industry. Strategies are shaped by the business models we adopt in businesses of all sizes. Using the business model canvas to analyse what others have done before can help create the cheaper, better, faster that we all want to offer our customers and clients.TRANSCRIPT
Don’t reinvent the wheel
A critical lesson from an unqualified source
Ever dismissed someone’s advice, only to discover after you’ve eventually done what they had said to do, that you achieve your goal?
This slideshare covers what happened when our founder dismissed unqualified advice and once we changed course to follow the recommendation.
Advisors say to businesses ‘disrupt or be disrupted’ but don’t explain that disruption can take years.
Instead a friend, not an entrepreneur or a business person, had said to our founder, don’t reinvent the wheel when ‘all you need is a new tyre’.
He was referring to Alexander Bain’s business model.
The business pivoted 3 times and eventually found success by not reinventing the wheel and instead adopting a high growth strategy within the norm.
The following slides show our progress.
The disruptive model
SMEs
Monthly fee
Strategicdirection
Social mediaExisting network
Board room support
Associates Face to face
SoftwareDevelopers/providers
Specialist fees
The industry norm model
Large businesses/corporations
Hourly rateProject fee
Subject matter expertise
Specialist products and services
Existing networkAdvertisingEducation
Specialist Consulting
StaffAssociatesIndustry knowledge
Face to face
Subject matter software suppliers
Large organisations
Specialist fees
The high growth model
Large businesses/corporations
SMEs
Hourly rateProject fee
Subject matter expertise
Specialist products and services
Existing networkAdvertisingEducation
Specialist Consulting
StaffAssociatesIndustry knowledge
Face to faceOnline
Subject matter software suppliers
Large organisations
Specialist fees
Subtle changes to the industry’s business model made a big difference to the business.
For other industry high growth models along with ‘how to’ implementation strategies subscribe to Alexander Bain’s Scale Up Forum.
http://www.alexanderbain.co.uk/scaleupforum/
The scale up forum is an online resource using business model research and detailed implementation strategies.
It’s development is based on the case studies from the Sunday Times Fast Track
list, some of the fastest growing UK businesses.