What Does “Rethinking Your Business Model” Mean?
A business model is how your company creates, delivers, and captures value. It includes who your customers are, what you sell, and how you make money. Rethinking your business model means looking at each of these pieces and asking: Is this working? What could be better?
Why Should Local Businesses Consider This?
- Customer expectations shift rapidly.
- Technology creates new opportunities.
- Local competition evolves.
By staying open to change, you position your business to grow even in uncertain times.
Simple Steps to Get Started
- Map Your Current Model: Write down your main revenue streams, target customers, key activities, and partnerships.
- Identify What Could Be More Flexible: Are there areas where you could diversify products or services? Could you reach new customer groups?
- Test Small Changes: Maybe offer a new service for a limited time or try a new marketing channel.
- Collect Feedback: What works? What doesn’t? Use that data to refine your approach.
The Role of Workshops Like InnovateLocal 2025
Aaron Montgomery, co-founder of innovative tech platform Henry, will lead a workshop at InnovateLocal 2025 focused on rethinking business models. His practical, experience-driven approach will help you discover opportunities and give you tools to act confidently. You’ll sit next to businesses experiencing the same real-life, day-to-day challenges like you.
Learn more about InnovateLocal 2025.
