This Business News Story Was Uncovered By Us From: https://blog.eonetwork.org/2019/02/innovation-in-business/
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A story about innovating your business to stay ahead of the market, written for EO by Floyd DePalma, CEO of UX agency DePalma Studios.
It was the beginning of 2018, and my agency had just lost two of our biggest accounts.
These are the fears that keep you up at night, the ones you hope never happen. They’re also the moments that cause you to panic and cloud your judgment.
In the aftermath of losing two cornerstone clients, we had a choice. We could decide the situation was bad luck, and that we just needed to work harder. That meant doubling down on the processes and philosophies we’d been following for years.
Or I could use this moment to reevaluate our business model, examine the flaws that lead to this situation in the first place, and look for opportunities to evolve.
I choose the latter. Here’s how I did it, and what happened.
Innovating Our Business Model
Sooner or later, every business needs to substantially innovate their business model to keep pace with the market.
It’s the job of the CEO to always be looking into the future and to be incrementally adjusting the business model to align with the changing landscape.
You can continue to grow for several years by making small tweaks to your model, but eventually the market will outpace the incremental changes you’re making. At that point, you’re left with an innovation gap, and you’ll have two choices: fundamentally transform your business or fail.
If you have the foresight, you get to choose when this moment arrives. More often, the market chooses for you.
Unfortunately, we were in the latter group. When our two largest clients who had been with us for years churned, it was a signal that we needed to change how the a… Read More
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