Sunday September 27, 2020

Innovative business model key to success

Every enterprise will, at some stage, have to face up to the realisation that its business model is no longer sustainable, writes Damien Downes.

6th July, 2013
Damien Downes, chartered management accountant and business management lecturer with Communications and Management Institute. Photo: Feargal Ward

In today's economy, no business exists in a vacuum and every company is looking for a competitive advantage. Recent research from America revealed that between 1973 and 1983, 35 per cent of companies in the top 20 on the Fortune 1000 list were new. This figure rose to 45 per cent between 1983 and 1993, and increased to 65 per cent between 1993 and 2003.

There will always be a new business ready to take your place and the question is: how can you prolong or...

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