Even if your company is currently doing well, it is good to predict in what way and why it could fail. Writing a eulogy for your business model is an important step to create the necessary distance from your business model and to critically analyze your company.
Recommended steps exercise eulogy business model
In order to get even more results from the exercise “Business model eulogy”, it is recommended to perform the following steps:
1. Conduct customer research
Go outside the walls of your company and do customer research. Have a conversation with them and discover what is on their minds, observe them and discover what moves them and what worries them?
2. Examine your business model
Take another look at your elaboration of the Business Model Canvas. What are the weaknesses in the current business model? And which business models can completely disrupt your current business model?
3. Examine the environment
Which trends and developments are important and will the contours of the current business landscape change?
4. Write a eulogy for your business model based on the findings
After these preparatory steps, it’s time to get started creating your company’s eulogy. When drafting it, don’t be afraid of a little humor.
Below are some questions to help you:
- How is your company remembered by customers and competitors?
- What have been the highlights in the life of your company?
- Which trends and developments in the market has your company missed?
- And which players inside and outside your industry have changed the rules of the game?
5. Write down what you have learned
What are the main reasons your business model has not survived? Have the discussion with colleagues and other stakeholders and take the findings into account when designing new future-proof business models.
Are you ready to get started with the “business model eulogy” exercise?
Download here a 1-pager with the instruction for this exercise.