If you’re a business owner, you’ve probably encountered a situation where you’ve had to adapt your business model to fit a changing market.
A good business model change example would be Facebook. In the beginning, Facebook’s core audience consisted of college students. However, their potential consumer base was limited. By changing its business model and opening its services to everyone, Facebook has become a formidable force in the social media world.
The truth is that every business is susceptible to changes due to outside influence or the simple passage of time, and it’s important to anticipate these changes early on. If you’re prepared to pivot and make business model changes when needed, you’ll have an easier time establishing the longevity of your business.
You might need to change your business model for several reasons. Here are some of the most frequently seen causes of business model changes:
Fortunately, realizing you need to change your business model doesn’t have to be the death knell of your business. Instead, you can turn things around with a few strategic business model changes and come out on top. Here are a few ways to adapt before your business model becomes obsolete:
If your business model has changed, you need the advice of a seasoned professional coach to help you forge a new path. Please complete my contact form for a complimentary discussion of new ideas you can implement tomorrow.
Coach Dave
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