Smart Strategies for Developing Business Models and Sustaining Competitive Advantage
In today's fast-moving global economy, competitive advantage is not eternal. Companies must constantly rethink how they deliver value to their customers. Here are three practical suggestions to help organizations stay at the front of the pack: 1. Challenge Old Assumptions Xerox developed much of the fundamental digital accessories—Ethernet, the mouse, laser printing, interactive digital displays; Bill Gates famously said to Steve Jobs about their rival innovations, "I think it's more like we both had this rich neighbour named Xerox, and I broke into his house to steal the TV set and found out that you had already stolen it". But Xerox's business model was so rigid that they let these slip through their fingers. Many businesses fail to innovate because they rely too heavily on outdated mental models. Leaders should actively question how their current business model creates value—and whether that model still makes sense in today’s environment. Asking “What if?” and ...