The world changes fast. New technologies and ideas develop even faster. As a result, to keep up, things like phones, computers, and televisions need to be continuously updated. A business model is no different. 

Our business models must be consistently evaluated and, therefore, if needed, updated and revamped to make sure we are operating at the highest level. Creating a new business model can be tough. Administering it can be even tougher. 

Sigmaways CEO, Prakash Sadasivam, understands the importance of staying ahead of the curve. He believes there are several blocks that will undoubtedly pop up as you work to implement a new business model. One particular challenge is resistance to change. In a recent article on, Prakash said, “ Make sure to communicate clearly and consistently, engage employees and stakeholders, provide training and support, lead by example and celebrate small wins, to name a few strategies. Thus, by addressing the natural resistance to change, leaders can create a more receptive environment for new business models to evolve and increase their chances of successful design and implementation.”

According to Forbes other potential blocks important to realize are: 

  1. Change Management
  2. Over-preparation
  3. Poor Product-Market Fit
  4. Resistance 
  5. Unwillingness To Embrace New Technology
  6. Lack Of Education For Employees
  7. Avoiding Risk
  8. Lack Of Focus On The Consumer
  9. Buy-In
  10. A Unique Vision
  11. Cost
  12. Fear
  13. Cash Flow
  14. Financial And Time Constraints
  15. Employee Apprehension
  16. Regulatory Compliance
  17. Too Much Change At Once
  18. Rough Patches
  19. Skeptical Employees
  20. Misunderstanding The Market

Click the link to read the full article in detail and learn “strategies to overcome these barriers and get your team working together toward the same goals.”  20 obstacles businesses face when implementing a new business model. 


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