Welcome to the WealthBuilders Podcast as Karen Conrad Metcalfe and Ray Patterson dive deeper into unlocking opportunities in a changing business landscape.

This episode continues to explore how businesses can adapt to changing market conditions by using the Business Model Canvas (BMC). The conversation stresses the importance of being willing to adjust business models to stay competitive. Learn how successful businesses monitor market trends, and align their strategies with core objectives.

Tune in to analyze key performance indicators (KPI) for organizational success.

More Resources:

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Episode Show Notes

• Business Model Canvas and Pivot Strategies

  • Focus on the Business Model Canvas and pivot strategies for businesses, ministries, and real estate.
  • Check out the previous podcast for more on this topic.
  • Understand that initial business plans may need to change over time.
  • Companies that failed to pivot such as Blockbuster, ignored market changes and lost to innovators like Redbox.
  • Understand the importance of adapting to changing market conditions.

  Importance of Customer Focus and Market Conditions

  • Understand the importance of listening to customer needs and continuously adding value to maintain and grow the business.
  • Focus on the customer and adapt to changing market conditions.
  • The US railroad industry failed to see itself as a transportation business and missed broader market opportunities.
  • A pivot from attracting new customers to focusing on retaining them, can increase repeat customers from 17% to over 70%.
  • Value of word-of-mouth marketing and the power of a loyal customer base.

  Key Performance Indicators and Strategic Adjustments

  • Key performance indicators (KPIs) measure business success and help in making strategic adjustments.
  • In the banking industry, free checking accounts led to a decrease in balances and a need to shift strategies.
  • Regulations can impact business strategies—stay informed about industry changes.
  • Businesses must measure the right KPIs and align them with overall organizational objectives.

     

  Aligning Reward Systems with Business Goals

  • Align reward systems with business goals to ensure employees are incentivized to achieve organizational objectives.
  • Performance reviews need to shift focus from operational to sales to align with an organization’s direction.
  • The book “Punished by Rewards” by Alfie Kohn, discusses the impact of misaligned reward systems on business outcomes.
  • Tie incentives to team results to remove competition and unite employees in prioritizing their work.

  Following the Money and Business Principles

  • Business school student’s analogy of money flowing like electricity to those who are well-grounded, emphasizing the importance of following the money in business.
  • Follow the flow of money through financials, activities, and employee work, and identify constraints that hinder this flow.
  • The book, “Theory of Constraints” by Eli Goldratt, identifies and addresses constraints to improving business performance.
  • Consider the benefits of coaching and mentoring programs in helping businesses see hidden opportunities and make informed decisions.
  • Real Estate Coaching Program: https://billyepperhart.lpages.co/realestatecoaching/
  • Business Coaching Program: https://www.wealthbuilders.org/business-coaching