February 15, 2024Designing and implementing a new business model can be challenging. Factors that can get in the way of a successful future range from resistance to change to unforeseen market dynamics. However, leaders who recognize these obstacles as opportunities for growth and innovation can change the course of their organizations.
Here, 20 Forbes Business Council members discuss key challenges in adopting new business models. Read on for their strategies to overcome these barriers and get your team working together toward the same goals.
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8. Lack Of Focus On The Consumer
Business models are about value capture. Businesses can often focus on maximizing value capture for new models with a short-term motive. The best business models are those that maximize value for both businesses and consumers. It is not a zero-sum game. To do this right, business models have to think about intrinsic and extrinsic value creation in their analysis. - Vibhor Kapoor, AdRoll
