A crisis can challenge the basics of a company's business model but also create opportunities.
Organisations should assess the four core dimensions of their business model, namely, customers, value proposition, value demonstrations and capabilities. They should find out the connections between each dimension and define realistic objectives for both during and after the crisis.
Company leaders must identify how the crisis impacts customer demand. Organisations should further assess how changing their value proposition model, and offering alternatives can provide value to their customers.
For instance, traditional educational institutions will have to see how they provide value and differentiate from competitors while offering online classes. After analysing their position, businesses should consider how a potential change in the core business dimensions can aid them to thrive through the crisis.
[4 minute read]