Challenge Your Business Model

(This article was found on the internet)

Companies like Square, Uber, Warby Parker & Squarespace are disrupting traditional business models, leaving their competitors in the dust. The use of technology, paired with amazing user experiences, allow these companies to define weak points of their competitors services and attack them directly at launch, becoming first to market with technology backed services that their competitors never thought of.

One of the latest companies reinventing their industry is Simple.com, an online bank that has combined banking with budgeting. It's as if quicken, mint, and your bank was in one place, allowing you to set up a budget, separate your money into multiple accounts, and visualize your spending habits, with easy to read graphs, all under one roof. It's what every bank should be, but isn't. Simple.com studied the needs of the current generation of bankers and saw that people used a host of separate services to manage their money. Simple.com challenged them to create a bank that has the tools, the user experience, and the services that everyone needs, under one roof.

Solutions companies like Simple.com create seem smart but are obvious. These companies look at the pain points of their customers and try to solve for them. The question is what is keeping today's corporate giants from producing similar solutions? Is it Greed? The "if it works don't mess with it" model? Internal politics? Fear of change? Management? Or are companies busy talking and are forgetting to listen?

Companies need to look at the experiences they offer and ask:

Is this the best experience? Am I offering every piece of information that my customers want? Is there a better way for my customer to interact with me? What are my customer's wanting? What is my customer’s saying? How can I improve to benefit my customer? What are other industries doing and can that help my industry?

Today's companies need to start challenging their business model because if they don't someone else is going to come along and challenge it for them.