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The Leap Day Business Challenge Worksheet now available!

We are running the Leap Day Business Challenge to kick start companies into thinking about their business models and how they might introduce change in order to ensure current models can continue to survive and evolve in the face of broad-sweeping technological change.

 

This worksheet is for you to download and keep. You can fill    it in on your own or share it with your team we don’t get to see it nor does anyone you don’t want to. All we ask is for you to send us a short email with some thoughts or comments on the process you have gone through.  Was it helpful? Do you need any more information in order to apply the changes that you have highlighted? Would you like an event on a specific topic? We would like this year to be as collaborative as possible so please send in your feedback to bm@creativeindustriesktn.org. by March  15th. Plus you might also be interested to know that all responses will be entered in a prize draw to win £150 of lovely MOO vouchers.

 

Download your free Leap Day Business Challenge Worksheet here.

 

A recent report from IBM stated that after interviewing 1500 CEOs it was discovered that the majority of them are reviewing their business model. Why? Because combined with a landscape of ongoing technology disruption and new market forces, it is not enough to hope that their current business model is still current and will remain so. The creative industries have seen some of the biggest changes and an increasing number of companies are beginning to review their model regularly by way of enabling them to secure future growth. So with 2012 presenting us with an extra day, what better time to apply a similar review to your own business model. Plus we thought we’d also throw in the chance for you to win some MOO goodies!

 

We asked the team of business experts who comprised our recent panel at Social Media Week to write the critical questions that they think companies should be asking themselves at this point in time.

Picture reproduced thanks to dospaz

Comments

Comments

5 people have had something to say so far

Hi Mellissa,
I wonder which companies you want to kick start into reviewing their business model.
Have a look around,

11% of UK GDP is from UK manufacturing and about one third of that is cars. But the cars are made by the Japanese Honda & Nissan, Americans GM & Ford, Germans BMW and Volkswagen, the only people who don't make cars in Britain are the British. So who are we asking to review their business model?

78% of GDP is from services. But if we stay out of the euro, and China builds up its capital enough to run its own insurance and investments, we might find a decline in the city. As engineers of my generation retire or die off we won't be offering consultancy services for major projects around the world. So what business model are we asking them to review?

There seems to be some mythical section of British industry which just needs poking a bit by a combination of government enterprise & development agencies with some university academics and as a result some high growth, dynamic manufacturing or creative industries will appear to soak up the 3 million unemployed and return the country back to growth.

Sometimes I like to compare this TSB _connect with the musicians on the Titanic, merrily plonking away while the ship sinks into the ocean.
Posted on 12/03/12 23:01.
Hi Tony

Thank you for your comments and contribution!

When I am asking companies to review their business the focus is on creative companies. Now, as you mentioned, some will be consultancy services some will create content, product or other service. I agree that the current economic climate needs more than a quick fix. I have worked as an entrepreneur over 20 years and sometimes through gritted teeth have continued even when things were bad. In my line of work, also as a consultant, my business has gone through so many changes over the last 5 years that it is unrecognisable. Needs have developed and sources of finance has also changed. One year, due to a cut in government budgets, I lost more than I had made the two preceding years! From your comments, and from listening to colleagues I know I am not alone in this.

I agree, there is not a quick fix but I also think that we, as creative companies can also do something to help ourselves rather than wait for a raft from the government. It is not enough to think that things can stay the same, or as you mentioned with your titanic analogy having a warped perception of our environment. Not every one needs to tweak the way they do business but if I can offer knowledge, support for companies who would like to revise the way they do business then it won't be the whole solution but it may provide a piece which is currently not very well represented in the creative sector. Thank you for taking the time out to post a response and it would be great, if you would not mind, suggesting some ideas that we could run an event on, or cover on a blog as you seem very passionate about this topic and your contribution would be invaluable.
Posted on 13/03/12 11:21.
Mel
I like your Business Challenge worksheet... the questions are simple, but seem to me to hit at all the core themes that are vital for a management team to consider as they strive to adapt and grow in a difficult economic environment.
Simple questions aren't necessarily quick or easy ones to answer and I can't agree with the other comment to your blog that this is 'just poking a bit'. If a company's activity around addressing business models is to be successful then it takes commitment and hard work. For an example of a company that takes this process seriously, I'd point to GE - not just because I used to work there and experienced it first hand, but because Harvard Business Review studied the model and felt it worth reporting to the wider business world in this article from back in 2006: http://hbr.org/2006/06/growth-as-a-process/ar/1. A company doesn't have to be huge and process-driven like GE to want to focus on growth in a structured way - all businesses with ambition need to step back from time to time and think hard about how to use all their skills and experience to compete effectively in the right areas for growth.
Nigel
Posted on 13/03/12 11:33.
Hi Nigel

Thanks for your comments and sharing that article. Am a big fan of the HBR as I think we in the creative industries can learn from business models that exist in other industries.

Reviewing and changing a business model is not easy, I agree but am excited to see so many companies engaging with the worksheet. In a recent study by IBM they mentioned one of the biggest skills a business owner/leader should have is creativity in order to survive market and technology disruptionshttp://www-03.ibm.com/press/us/en/pressrelease/31670.wss.
That gets me excited as I know that is something we have in bundles in all the creative industries!
Posted on 13/03/12 12:59 in reply to Nigel Walker.
Creativity?
How did Walt Disney create Lion King, Pocahontas, and how did all those Americans create Facebook, Google, Ebay, Youtube, & Amazon?
How do those Americans manage to create brands like Coca Cola, MacDonalds & KFC all over the world?

Bit like inventions in engineering, when a new idea is proposed, it seems so strange and unworkable to 90% of the engineering community, and means nothing to non-engineers, it's almost impossible to get support. Accountants, lawyers & politicians with no practical experience or skills cannot differentiate between the good & bad.

Walt Disney made Snow White when no one imagined full length feature films, because cartoons were always short.
No one would imagine that you could market a particular brand of soft drink, lemonade, orangeade, dandelion & burdock or cream soda as a trendy drink. These were made at small local “pop” companies when I was younger.
I see no shortage of innovative ideas, in the creative industries an in heavy engineering, but I see a big gap between the creators and the finance.
Posted on 14/03/12 13:54.

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