The 6 ways to grow a company

Interesting article about growth strategies - innovation - allocation of budget and resources

by Gino Chirio, in HBR.org,  June 14, 2018

https://hbr.org/2018/06/the-6-ways-to-grow-a-company

Innovative solutions and the search for Fit

Innovative solutions and the corresponding value propositions are only relevant if they fit at three levels

[Innovation] The identified challenge or problem for your company and the customer.

In the first place, an innovative solution and its corresponding value proposition have to address the identified challenge or problem for your company and the customer.

All great ideas are of little significance if they are not appropriate solutions for the identified problem(s). Therefore it is very important to identify first all real challenges or problems, to cluster and prioritize them (assigning weight) for example on the basis of the impact that they (can) have for the business. A facilitator can help you with the process of identification, clustering and prioritizing. It is important to be able to start from the underlying real problem or challenge, which often manifests itself not immediately and clearly. Every innovative idea must first be checked against the problem to determine whether it can be a suitable solution to this fundamental problem.

Secondly, each solution (product and/or service) must be appreciated and validated by the customer. 

It must be examined in the market and among customers if the solution is really valuable to the customer and whether there is a positive reaction of the customer. What are the chances that the solution really get a grip on the market and target audience?

[Innovation] Validation by the customer

[Innovation] Ingredients of a business model

Finally, there should be a search for the way the innovative solution (product / service) fits into the business model. 

In other words, it should be considered whether the innovative solution actually can be  set up, can be organized and embedded  in to a profitable and scalable business model.

About the author

Chris Delvaux has over 15 experience as a senior consultant. He is specialized in go-to-market optimization, business model innovation and service design. He facilitates and coaches teams in commercial transformation projects from the analysis to the result. He works strategically AND pragmatically. He has worked for clients such as Baxter, Nashuatec (Ricoh), DVV Insurance, Associated Weavers, Stihl Benelux

[Business Model Innovation] Revolutionise your business

Get more value out of your business

Business model innovation has additional innovation potential compared to process, product or technology innovation. Many of the big successes like Amazon, Apple, Holcim, Ebay, Ryanair or Ikea, are rather based on innovative business models than on new products. Through business model innovation, you can get more value out of your business. The number of business model innovations has increased significantly over the last 20 years (source: ITEM-HSG). More than 50% of executives believes that their business model will undergo fundamental changes in the next ten years (source: McKinsey, 2011)

Thrust helps to innovate through the Business Model Navigator TM

The Business Model Navigator (BMI-Lab / St. Gallen) is an action-oriented methodology that permits any company to break with its dominant industry logic and innovate its business model. It builds on the central idea that successful business models can be constructed through creative imitation and recombination. (Source: Oliver Gassmann, Karolin Frankenberger and Michaela Csik 2014). 90% of all new business models aren't actually new. They are based on 55 existing patterns. (source: Oliver Gassmann, 2014). These 55 patterns can boost the innovation of your business. It will help you in a creative way to  figure out where your business fits in, and which creative imitation and recombination is the most valuable for your business.

Thrust helps with innovation through the Business Model Navigator. We help our clients to analyze the current business model and ecosystem, in facilitating innovation workshops to develop new ideas through the 55 patterns applied to its own business, and/or in the phase of testing and implementation (change management). Or we we guide and facilitate the entire innovation process if desired.

If you are interested to see how THRUST can help you with this approach to innovate successfully your business,  contact THRUST

Business model innovation

Commercial innovation by developing a new business model

Commercial innovation by developing a new business model, is one of the possibilities to create added customer value.

What is the best way to do it?

You can find some interesting tips about developing a new business model in the video from the University of St Gallen, Switzerland. (By Prof. Dr. Oliver Gassman). The video is also about typical myths in innovation.

Click here to read more about our services. 

If you want more information about commercial innovation by developing a new business model, CONTACT THRUST

The fourth part of the series shows how innovations come into being and what myths they are associated with. For more information on BMI see www.bmi-lab.ch For more Information on the Business Model Innovation Certificate - a certificate of advanced studies set in St.

For more information on business model innovation, go to www.bmi-lab.ch