Over one-third of the European SME’s are already innovating their business model. Are you on board already?
If you want to, but if you’re wondering how you can change your business model and improve your performance, this article is a must read. The findings of the Envision project showed that innovation in business model contributes to achieve economical but also non-economical goals. The University of Murcia recently did a comparison between family businesses in Spain and those in the rest of Europe. Their findings suggest that Spanish family firms are more motivated to achieve non-economics goals, such as continuity and preserving the received legacy and family control. Also, they implement more incremental, non-technological innovations. On the contrary, Dutch or Finnish family firms goals are mostly economical. They usually implement more technological innovations and manifest less family firms features and behaviors.
Considering all the studied firms, based on statistical analysis we can conclude the following: most small and medium enterprises (SMEs) in Europe are not yet aware of the need for changing their business models. Which is a missed opportunity. Whether your goals are economical or non-economical, both result in fast tracking profitability. Facts are that thirty-seven percent of European SMEs are innovating their business model, which has positively influenced on performance. What are the most common reasons for Business Model Innovation? Minimize costs, redefine value offering, growth, price competition, and changes in customers’ needs.
Since there is a lot more to gain for SME’s worldwide and certainly in Europe, we can assist you with the changes you should consider according to your own goals. The tools as presented at our side can help you gain better insight and how to move further once you have established them. We would challenge you to give it a try and start making more of your business today!
If you have any questions, feel free to contact Francisco and his team for help in getting you started. Mail address: firstname.lastname@example.org
The University of Murcia (Spain) is an active partner in the ENVISION Project. Spanish research team is formed by Francisco-Jose Molina-Castillo, Carolina López-Nicolás and Ángel-Luis Meroño-Cerdán. They are associate professors in the University of Murcia and members of the Campus Mare Nostrum Chair of Family Business Their work within ENVISION Project has recently appeared in Spanish newspapers and international top quality scientific journals. Specifically, main findings of their research on BMI and family businesses are based on more than 100 deep case study research all over Europe.