A strong, precise business model(s) can be a powerful tool especially during COVID and beyond.
Business models (BM) can either be explicit, written/drawn out, or implicit, unspoken/ undocumented, yet no less powerful.
Often businesses have more than one business model (BM). For example, a business may have a BM for innovation, change, technologies, building and developing strategic partnerships, acquisitions that focus on buying up established competitors with key skills/products/services that complement the business.
There are also over 50 types of BM’s that most businesses fall into (Gassmann et al, 2014). For example, freemium, subscription, flat rate, e-commerce, retainer.
Business model(s) (BM) are powerful tools to any size contemporary business if applied skillfully. Here are a few examples:
So, a business model is a vital, powerful tool at any time for any size business at any stage of development. During COVID especially because a business needs to know what decisions can be made, within which boundaries, while retaining its core and lead over competitors so that they business continues to succeed during and beyond COVID.
Business owners and leaders are adopting a strategy of inquiring and learning to facilitate decisions going forward.
Managing a business under the COVID 19 situation as the traditional, linear, project-like approach commerce favours cannot produce a successful outcome. Why?
1. Because there is no history or experience of this kind of situation to inform management the business how to progress the business. In other words, there is no safe ‘blueprint’ to follow for a successful outcome. Everyone is learning as the situation unfolds.
2. There are so many people involved, each experiencing different emotions that will explode if a decision is made that makes them feel more uncertain.
3. Everyone has different needs. If these needs are not addressed, riots can break out and civil unrest.
So, a different management approach is needed, one that captures, learns, and considers everyone’s emotions and needs within legislation so that outcomes are favourable (not necessarily ideal) for everyone.
The different management approach is a systemic approach, one that embraces change, uncertainty, is always acutely on the ball with the needs and emotions of their workers, customers, shareholders, legislation, technologies, and are insightful about the impact their decisions will have on all these factors.
To do this successfully organisations are continuously capturing feedback from these groups, and the wider society, and learning along the way as the situation unfolds. This collective knowledge informs the business owner/leaders what steps to take going forward. Both governments and employers provide weekly updates because they need to learn as the situation unfolds before making the next decisions going forward.