I think it’s fair to say that we all want to control our own destiny. Leaders do not want somebody else to dictate their future. We don’t want the future thrust upon us. Yet at the same time there are many forces outside of our control that have the potential to impact our businesses long term. And as such we need to understand business model innovation like never before.
In this fourth of five episodes with Kathy Mazzarella the chairman, president and CEO of $6 billion Graybar, a Fortune 500 distributor of high-quality components, equipment and materials for a number of industries we explore the fourth component of The Innovative Distributor™ – Business Models.
Business model innovation is more important than ever today. Early on in the interview Kathy shares with us a note she received from a large customer who in no uncertain terms outlines the changing landscape and leads him to concludes that “distribution will be gone as we know it today.”
The good news is that Kathy outlines the opportunities this presents to Graybar and other distributors who embrace change, embrace new partnerships, who build trusted partnerships and understand how the internet must be embraced.
The disruptive environment we find ourselves, in Kathy’s mind is nothing short than a call to arms. That as leaders we must create a sense of urgency throughout our organizations to rethink the business models of the future and find new ways of creating ,delivering, and capturing value.
In this episode Kathy and I explore:
- The importance of controlling our own destiny
- Why leaders are perpetually adapting their organizations for the future
- Why “distribution as we know it is dead”
- Creating a sense of urgency for change, transformation, and business model innovation
- Knowing when to reinvent your business model
- Five fault lines that indicate your business model is at risk
- The value of surrounding yourself with those not saddled with legacy experience
- Why your performance metrics could be hindering innovation
- How to lead a strategy meeting
- Why Kathy used the young people on a strategy team to facilitate strategy meetings
- How to put the customer at the center of your business model innovation
- How leaders can reimagine the future
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