The business model of every company has to be adaptable to fast-changing circumstances so that the corporate can be not only resilient, but can also prosper – even in challenging times. That can only happen if the key players of an organisation understand what the business model is and can change it to meet new demands and expectations.
Financial directors are pivotal to developing a dynamic business model – as the finance function is able to provide the insights from data required to adapt the business model as well as divert funds appropriately to parts of the organisation as the strategy changes.
Secret Escapes, featured in today’s interview with the travel group’s founder, is an example of a company with a dynamic business model – where insights from data have enabled it to continually rejig its business model. The result is a business turning over in excess of a third of a billion pounds in 2017. Pretty impressive for a company launched only 7 years ago.