No. 1 strategy tool for business model development.
Benchmark your business with industry leaders.
Evaluate entities across all the essential parts of your business.
Technological advancements, digital transformation and new ways of working are shaping tomorrow’s business. Success requires more flexible and effective ways for companies to innovate and capture value. To succeed, companies must focus on iterative development, for which our company has developed a new disruptive solution. The business Model Assessment application questions the business model of the company’s core product by identifying the barriers and enablers affecting value creation, and builds a path to discover new business models.
Compare yourself with leaders in your industry.
The assessment tool validates business fundamentals and provides an alternative perspective on strategy work. Assessment methods are based on scientific research combined with concrete and agile elements. The assessment tool automates business model renewal process, tailoring it to meet customer needs and to be more profitable. Compare your results with the most successful companies in your industry (anonymously), and receive a an objective evaluation of your current business model. Identify the gap between where you are and where you should be.
Receive tailored, actionable recommendations and insights.
Get your own high-quality Business Model Innovation Report with personalized recommendations and compelling insights to successfully develop your company’s business model. Receive examples of the best practices of innovation leaders.
BUSINESS MODEL ASSESSMENT
What is a Business Model Assessment?
The age of agile businesses has come. To thrive as a customer-first business, you first need to understand your current business model’s strengths and weaknesses, what is possible, and how to define your aspirations. A company’s business model describes its ability to engage in and thrive within the economy; what they’re offering customers and how they operate as a business.
As a company seeking to transition into the new post-pandemic reality, a Business Model Assessment can help provide one simple yet crucial perspective – find one’s position in an agility-demanding age. There were many industries that underwent major changes in 2020, such as accommodation services and the event industry. Companies that are currently thriving even during a pandemic are the ones that react quickly to change. For example, restaurants that enabled extended pickup capabilities, or movie theaters that held corporate conferences as popular movie release dates shifted, changed their typical operations to ensure survival. While companies have always had to think about how the market is changing and what changes this will mean for the business, it is more important in 2021 to reform your business model than ever before.
As you begin your business model innovation journey, you will initially face three fundamental questions:
- How does your company combine its available resources to create measurable customer value?
- How does your company collect a payment for the value it creates?
- How is that payment transformed into a lasting and recurring profit?
Innovative business model is a core requirement in an age of multiple external change agents, where protecting a competitive advantage is becoming more difficult and differentiating from competition is challenging. Businesses across all industries are utilizing cutting-edge tools and third-party services to accelerate development processes.
When implemented well, these processes work elegantly, but not all companies achieve this elegant transformation. Non-renewable and mature companies struggle to match the performance, efficiency, and productivity gains of more tech-savvy rivals.
Yet there’s hope.
If you find yourself on the wrong side of the business maturity divide, you are not alone. Most companies understand the need for innovation, yet they are unable to keep pace with advancements. Although these findings may appear comforting, the stark reality is that you will need to undertake business model transformation sooner rather than later to avoid getting pushed out by fast-moving competitors.
Your quest for transformation begins with a Business Model Assessment, an ideal solution to identify the state of your core product’s ability to meet customer needs and recognize the next steps you must take to become a truly formidable force in your market.
What is the Business Model Assessment App (BMA)?
Business Hacker’s Business Model Assessment App provides a comprehensive assessment framework of your organization’s capacity and capabilities to unleash the full potential of business opportunities.
Through powerful diagnostic features, the Business Model Assessment app allows companies to compare capabilities and performance with peers, industry averages, and best-in-class innovation leaders. For enhanced accuracy, the app utilizes survey-based diagnostics that leverage expert-developed questions that assess current capabilities while benchmarking answers against peer results and best practices.
The insights that the app generates play an integral role in assisting leaders in designing and executing a prioritized roadmap of high-impact business transformation initiatives. Offering a data-driven approach to decision-making, the BMA App empowers R&D managers, CXOs and strategy leaders to rally around a shared vision spanning key dimensions while providing guidelines for a clear path to business model innovation. As a mobile-first check tool, it is easily accessible and can help you start generating insights within minutes and even on the go.
What should you expect from the Business Model Assessment?
The Business Model Assessment provides three core benefits:
- Understand your current business model, it’s strengths and weaknesses across five key dimensions
- Compare your company through a capability score, with those of industry peers and innovation leaders.
- Explore your company’s full potential through innovation and receive actionable recommendations to realize it.
What is the Business Model Assessment based on?
A Validated Methodology: Business Hacker’s Business Model Assessment is based on a verified valuation methodology developed by (XXX). The process integrates a validated business model valuation framework that has been tested and verified with pilot companies.
Extensive and up-to-date data: Business Hacker’s Business Model Assessment leverages comprehensive data collected through the analysis of over 100 companies across 14 industries and 38 countries. Utilizing several data basis points, in-depth surveys, and insights from business experts, we built a comprehensive business model valuation framework that accurately reflects real-world market dynamics. We update our data continuously, with 80% of the data points generated within the last 12 months.
Weighted Metrics: For industries and company sizes where we could not collect sufficient data, we created weighted information clusters to provide reliable comparison groupings at the same industry level and company size. We achieved this by combining data from similar industries and company sizes to generate enough observations to create benchmarking groups.
What does a successful business model look like?
Successful business models are built on a deep understanding of customer needs. They explain how a product or service solves a customer’s problem or improves their life, provides measurable benefits, and tells the customer why they should buy from you and not a competitor.
A successful business model is based on available resources and processes. This includes physical resources such as facilities, machinery and personnel, as well as intangible resources such as expertise, brand and customer relationships. Processes can be divided into operational – such as production and sales, and strategic – such as management and product development. However, it is more important to understand the connections between them – what relationships exist between resources, how money flows in the network, how decision-making takes place, what competitive advantage is based on, and so on. Above all, it is important to understand what resources need to be developed to deliver on the desired value proposition.
A successful business model converts the value produced into cash. What earning’s model does your company use directly and indirectly, and what other earnings models do your competitors use, can they also be used in their own operations. The key is to understand what is the best way to convert the value you created into a profitable business.
An innovative business model does not always mean reinventing the wheel – most often it is a combination of elements already used in different contexts today, put together from a new perspective. This is where Renewable companies are champions. They are developing new ways to create value and meet customer needs from their available resources. They utilize a business model evaluation framework to integrate the agile development process into the core business and, in the process, reshape the entire organization to maximize productivity, performance, and, ultimately, generate industry-leading results.
In short, successful business models can help innovation leaders take on the following traits:
A Clear Strategy And Empowered Management
Innovation leaders use a Business Model Assessment to create a clear vision that enhances value in a customer-first world. They have comprehensive agile strategies that encompass the whole organization, including internal and external ecosystems. Innovation Leaders also have a clearly defined business transformation agenda which they roadmap and use to get ahead of current and future rivals. These companies have an innovation manager with in-depth expertise, and decision-making power to drive change.
Customer-Centricity At The Core Of All Activities
Innovation Leaders embrace customer-centricity by putting customers at the center of all business activities and decisions. Using a business model valuation framework, they operationalize end-to-end customer data strategies to inform and support daily operations. Innovation Leaders also embrace omnichannel selling and sector-specific earning’s model to provide a seamless discovery and purchasing experience to buyers.
A Supportive Organizational Environment
Innovation Leaders favor flat hierarchies that promote fast decision-making and cultivate a working culture that results in an increasingly positive and skilled workforce open to business transformation. Innovation Leaders use a business model valuation framework to ensure employees have access to learning and change programs that enhance their knowledge of business and identify and address resistance areas. Through a supportive environment, such companies gain an improved understanding of how to attract and retain high-quality talent.
Continuous Innovation Culture
Innovation Leaders use a Business Model Valuation Assessment to foster a pervasive startup mentality that embraces activities like innovation sprints, customer-centric product research, agile prototype development, and user testing via minimum viable products (MVP). They also recognize and integrate the value that external partners can bring to the innovation process and, through well-defined processes, systematically ideate, trial, and launch innovative products.
What Makes Business Hacker’s Business Model Assessment Unique?
While other business model valuation models exist, Business Hacker’s Business Model Assessment approach stands out in the following ways:
- As a mobile-first assessment tool, companies can instantly start their assessment, track progress, run comparisons against benchmarks, and visualize results.
- It offers benchmarking against over 100 companies, 14 industries, and 38 countries, with data continuously refreshed to offer current comparisons.
- It covers five core business dimensions.
- Inbuilt scoring provides both peer benchmarking as well as the measurement of progress over time.
- Generated insights inform the design of a unique and achievable business model vision with an integrated innovation strategy roadmap and a strong foundation for launching business transformation initiatives.
- Verified use by top-level executives and strategy experts across multiple industries and countries.
Can Business Hacker Help My Business To Become An Innovation Leader?
Yes! Business Hacker specializes in helping companies at every step of their transformation journeys, R&D initiatives, and commercialization projects. Our company offers comprehensive solutions, from nailing the financing of R&D projects to building the development process, perform market analysis and ensuring the results. We strive for real effectiveness in both the selection of assignments and their execution.
For each of the different assessment dimensions and business model valuation metrics identified in the Business Model Assessment, you have access to the right expert for your needs, from building the right culture to building actual business models for products. Discover our business design consultants by clicking here.