Re-inventing business is called: RE-CONCEPTUALIZATION Leverage assets. Innovate processes. Serve niches.
How are you re-inventing in this global economy?
Engage the sustainable value creation process.
Business owners recognize that they have to do business differently. The challenge is, they are using the same strategies and techniques…and they are getting the same results.
Competition for customers and talent has never been greater. Businesses are fighting to differentiate themselves in a market that is becoming more and more commoditized. Business has never been more competitive than in the 21st century. To increase profits, ensure sustainability and create value, business owners and investors are recognizing that businesses must do things differently.
Doing business differently starts with thinking differently.
The Competitive Advantage
To gain a competitive advantage in today’s marketplace takes more than good management tools and targeted strategies. Today the competitive advantage belongs to those businesses that can re-invent themselves:
Who can convert tacit knowledge of their employees into tangible assets
Who has a razor-sharp focus on what they do best
Who can develop innovative ways of linking value chain suppliers to customers.
Re-conceptualization of business leads to the competitive advantage. The result of business re-conceptualization is sustainable value creation.
Business re-conceptualization is the re-invention process for thoroughly re-thinking how business is conducted. The guiding principles center on owning your intellectual capital, controlling the value delivery chain, and serving markets with little or no competition. The process focuses on converting the intangible assets of a company’s intellectual capital into tangible business value. Intellectual capital is leveraged through the implementation of low cost arbitrage strategies that serve targeted market niches or segments. Beyond the Benchmark uses a non-traditional 1-3-2 step process.
Discovering Intellectual Capital
Intellectual Capital = Human Capital + Structural Capital + Relational Capital
Human capital: the value of an organization’s employees is its know-how.
Re-conceptualizing human capital is the process of discovering and uncovering the unique hidden talents of your employees that differentiate the organization in the marketplace. Understanding the ‘know-how’ of your employees generates value in your business.
Structural capital: the value of an organization’s processes is its ability to continually innovate.
Re-conceptualizing structural capital is the process of discovering and uncovering the processes and intellectual properties that leverage organizational systems in the marketplace. Documenting how you conduct business generates value in your business.
Relational capital: the value of an organization’s relationships is its ability to procure and deliver its products and services effortlessly.
Re-conceptualizing relational capital is the process of discovering and uncovering the relationships that when formalized creates mutual success for the stakeholders in the marketplace. Formalizing these relationships generates value in your business.
Implementing Arbitrage Strategies
Arbitrage strategies are low risk – highly valued delivery chains that connects intellectual capital to the market. Controlling these processes, versus owning them, reduces operational costs while maintaining highly valued delivery. Arbitrage strategies require a new way of thinking about how business is conducted.
Mapping Market Niches and Market Segments
Mapping unmet or homogeneous market needs, supported with a razor sharp value proposition, is the differentiation process that allows market dominance. Market success is based on providing benefit beyond function and utility by fulfilling a deeper emotional desire. This requires a thorough understanding of what motivates your clients and customers.
Contact us to explore how to secure the competitive advantage.