If you do the same today as yesterday, probably the wrong thing. Regardless of what industry you’re in, you are faced with a business landscape that is constantly changing, evolving, and disrupted – and messing around like BlackBerry at an iPhone release party won’t get the job done. So if your business model is not yet geared towards future success, you need to continually anticipate, evaluate, and adjust it. And if it’s … the same advice.
Of course, strategy changes vary greatly depending on the type and extent. Unless your business is just getting started or something has gone terribly wrong, you probably don’t need a full swing from selling ice cream to developing bio weapons. For the most part, the sweet spot is somewhere in between and, for example, blockbuster video that tries to stave off the obsolescence with higher late fees.
Sure, there’s a lot to do, but here’s a good place to start: we’ve spoken to a multitude of business owners who saw a storm coming, changed direction, and came out on the other side with a sparkling new ship. Open the slideshow above to see how they changed their business – and see what they are doing to help your business grow.
Bill of exchange agents
Many of America’s most high-profile companies didn’t start with the business models they are known for today. Here are some of the most interesting transformations.
BEFORE: A website that organizes people to achieve a goal and donate money to nonprofits
AFTER: A website to get group discounts offered by retailers
BEFORE: An enterprise search website based on referrals on user networks
AFTER: A crowdsourced company reviews website
BEFORE: A DVD rental service
AFTER: A platform to stream videos and original programs
BEFORE: An online shop for snowboard equipment
AFTER: A multi-service platform for online retailers
BEFORE: A manufacturer of playing cards
AFTER: A video game and consumer electronics store
BEFORE: A multiplayer video game
AFTER: A workplace communication tool
BEFORE: A carpet cleaning product for hotel rooms
AFTER: Water treatment and energy services
BEFORE: A location check-in site where users shared photos of themselves with friends
AFTER: A social network for sharing photos and videos
BEFORE: A video dating service
AFTER: An online video sharing platform
From the winter edition 2021/2022 of Inc. magazine