How to Know When to Change Your Business Model
Inc.com - by Christina Desmarais - August 13, 2014
Ideally, the time for a pivot isn't when you're in trouble, but when your business is humming along smoothly.
Batteries Plus Bulbs CEO Russ Reynolds would know. The 26-year-old company recently added light bulbs to its lineup, as well as device repair--the former a major initiative requiring two years to implement, and the latter an easier score which will only take six months to roll out.
He points to McDonald's as a prime example of a company that proactively sought transformative growth when it added barista bars to its 14,000 U.S. stores in 2008, during a time when the fast food chain was entering its sixth year of a turnaround. The Wall Street Journal at the time said the program was predicted to add $1 billion to McDonald's annual sales.
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