I took an MIS class last semester and in it we learned about the need to constantly be looking at ways to change and improve your business while also keeping some things the same. Many companies are resistent to change due to a general feeling of "well, this is how we have always done it". However, in order for a company to be successful it needs to be adaptable. This article talks about what a business model is and how it is critical to a company's growth and success. A business model can strengthen a company's customer base, weaken competitor's advantages, and increase efficiency and profitability. A good business model is also one that is difficult to copy. Amazon, for examply, has spent so much money on it's infrastructure that it can deliver products faster to consumers much faster than its competitors. It would be very difficult for another company to pop up and build a similarly robust network of transporters and manufacturers. This concept can be applied to the restuarant: what makes it stick out and why would somebody want to it there instead of at a competitor's location? We will soon see.
http://www.forbes.com/sites/timworstall/2014/09/07/the-internal-economics-of-amazons-no-profits-growth-model/
I think you bring up a lot of great ideas about being more adaptable. A lot of businesses can either get too comfortable in their business models or think that because something is working, they don't need to change anything. Innovation is so important in creating and maintaining a successful company/business, and I hope we can bring some fresh ideas to Mzansi's.
ReplyDeleteBusinesses are in the business to grow and develop! I totally agree with your take on this topic, in relation to the Mzantsi Restaurant. Adaptability is huge; it is will innovation and re-thinking/looking at things through a different angle that we can allow them to possibly elevate their own success.
ReplyDeleteMy article also talks about the importance of adaptability! I think we, as a group, will be able to brainstorm a lot of ideas to help!
ReplyDeleteI like how you mentioned that although changes must be made in order for a business to continue growing, certain thing should also stay the same. I think the restaurant has a great potential in originality, but there are definitely some changes that could be made to ultimately improve their business.
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