Reinventing your business model with changing business environment

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In this video, the speaker talks about the constantly changing business environment and how to reinvent the business model of the organization. 1. Work through the various scenarios and their corresponding implications on your financials. What if it continues for 6 more months before some sense of normalcy returns? What if it was 9 months, 12 months? In specific terms how will your biz be impacted? What might happen to your products, services, customers, markets? What will happen to your financials? Then, for each scenario, what are the CRITICAL factors that would caused it to happen? What are the factors that u have control over to improve the scenario? What costs can u trimmed? How can u do things differently to sustain your biz for longer? 2. Closely examine your CURRENT modus operandi or “Business Model” in the light of the changed INTERNAL and EXTERNAL environments. For example, training firms are delivering their programs by leveraging the internet. I just read that car dealers in the US are making house calls. Doctors are seeing patience remotely using video technology. One more thing u can do is to look at how else u can strengthen internally to prepare for the turnaround and upturn when normalcy return. But above all, keep the morale high, be transparent with your people, stay positive. This too will pass!

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