Do I need to change my business model?
Two Israeli Unicorns and both leading viral content distribution companies, Taboola.com Ltd. and Outbrain Inc., have agreed to combine forces.
Taboola was founded in 2007, has 1,400 employees and has raised over US$160 in a decade. Outbrain: founded 2006, 800 workers, and has raised US$150. Having spent years snipping at each other, they are now seeking to combine forces to take on Google. All change.
But most companies are not that global. Whatever the financial headlines, business is dominated by SMEs – individuals or small groups of people struggling daily to hit their targets in their own local neighbourhoods.
I recently was called in to three such operations in the Jerusalem area.
The first one was a relatively simple affair. The owner wanted to sell. I was asked if he was making the correct decision. Given the state of his business, his private situation and the offers received, the answer was a clear yes.
The good news was that here was a person that was prepared to put aside all his established thought processes, look beyond the jungle of clashing thoughts, and realise what needed to be done. Mega kudos points.
In the second scenario, I appreciated that the founder needed help, but that they could not be told out right what to do. So, I created a time line as to what would or would not happen, depending on their actions, carefully choosing a specific date months in advance.
I cannot say that the process was smooth. The initial meetings were accompanied by much resistance and the old-fashioned weapon of choice, ‘procrastination’. However, three months into the battle and we have a clear path forward and a completely new face to the marketing strategy. Quite literally, it is as if the CEO has discsovered a new language, judging by the way they are talking.
In case study number three, the story is more complex. Shortage of space forces me to narrow down the bare facts. This is a person, who is so caring that they will do anything for anyone. And this is the constant excuse why they cannot help themselves, because others need their attention.
The business model, such as it is, is truly weak, Nothing will change that pattern until they are able to comprehend that the damage they incur on themselves will eventually impact on those that they love.
We are taught that change is often seen as a threat. As a business coach and mentor, almost every week I try to show CEOs how in fact change can be such a fun, if not invigorating, challenge. Otherwise, we end up like approximately 80% of the Fortune 500 companies from about 50 years ago – they are no longer around.