6 Innovating your business model

Sometimes, however, you might need to be more proactive in how you adapt your business model. There might be many reasons for this, including the desire to prepare for new opportunities or perhaps to refine the way you are doing things in order to reach even greater heights of success.

In such situations it is necessary to take a more considered and conscious approach to innovating your business model. This might mean deliberately and carefully addressing some, if not all, of the nine key elements of the Business Model Canvas.

So how can you do this?

Girotra and Netessine assert that innovating your business model involves re-evaluating four key elements:

While this might seem like a straightforward exercise, it is worthwhile undertaking it on a regular basis. This can be done through individual reflection, though involving other people and drawing on their expertise and perspectives can be particularly beneficial.

If change is necessary, a ‘pivot’ might be in order. To learn more about pivoting take a look at the Pivoting [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)]   unit of the Entrepreneurship Accelerator programme.