Connect Fall 2017 | Page 15

What if Transforming Your Business Model to Reflect the Changing World Advancing technologies continue to disrupt business norms, leaving behind companies unwilling or unable to adapt. Industry leaders that are open to embracing change and reframing their traditional business models with innovative alternatives stand to gain a competitive advantage. Learn how to challenge conventions and expand possibilities, and discover new ways your business plan can transform to better reflect emerging trends. At the intersection of new technology, market trends, and positive growth is an innovative business model. Surviving the challenges of a rapidly changing world means brands must learn how to incorporate trends and technologies into their business plans. Periodic decon- struction of old models to make way for new ideas will clarify your overall vision, and the new approach will stimulate growth, open new markets, and help you endure inevitable industry disruptions. While there are dozens of standard business models and millions of possible variations, successful reframing begins with the simple notion of “what if…?”. Many of the top companies in the world are successfully adapting to change by harnessing technology, borrowing ideas from other industries, and reimagining what was once unthinkable. What begins as a little question turns into big ideas that drive some of today’s most transformative business models. Study some of these innovative approaches to spark new ideas for your business plan. RANKED BY FORBES’ 2017 “AMERICA’S 100 BEST BANKS” // CONNECT TECHNOLOGY FALL 2017 // SNB.COM | 15