Patrick Dixon, a futuristic business consultant and author once said, “Business strategy is the battle plan for a better future.”
True that today’s business strategies are nothing but plans for the future. Every business strives hard to save its future from unprecedented eventualities. It may be a recession, or pandemic, or disruptive inventions.
A business ecosystem is a magical weapon that any business can use as a strategy. It helps them not only sail through their current challenges. But most importantly their future. Thus, elevating your business ecosystem today is quintessential for tomorrow.
Steps to Leveraging Your Business Ecosystem
#1 Understand the dimensions of a business ecosystem
According to Gartner, the eight dimensions of a business ecosystem are:
- Strategy: The strategic role that your business wants to play in a business ecosystem
- Openness: The degree up to which the business entities share common goals or vision
- Participants: The importance, smartness, capability, and value of every participant in the ecosystem
- Relationships: The relationship between the participants in the ecosystem decides the exchange value
- Value exchange: The value could be anything including
- analytics, etc
- Industries: The diversity of the industries that are a part of the ecosystem
- Complexity: The number of ecosystems that a business is a part of or the participants in an ecosystem
- Technology: The integration of tech to build a future-proof business
#2 Evaluating the current value or performance of every dimension
A business ecosystem’s dimensions are dynamic. They are dynamic in many ways. Some of the major factors include:
- Monetary value
- Non-monetary value
- Number of partners or entities
- Degree of relativity
And a lot more…
Thus, it creates the need for performing an evaluation of every dimension. This evaluation helps you interpret actionable insights. From this, you can take strategic decisions for your business’s growth.
#3 Cleanup the business ecosystem network
As an ecosystem, your business might have partnered with a number of entities. But, not all entities can fulfill your hope. Only a few can help and others may be your barriers. Thus, you can elevate your business ecosystem in two different cleanup ways:
- Enhancing the entities that are creating or giving more value to your business
- Eliminating the entities that are unfruitful to your business
#4 Capitalize on promising or potential dimensions
Over time, the dimensions of a business ecosystem change. Those that were promising cannot reap anymore. Or those that were passive can start giving value to your business. Thus, based on the recent evaluations and cleanups, start investing. Capitalize on those partners and dimensions that seem promising in the years to come. At the same time, start collaborating with those entities that you were not in a relationship with so far.
#5 Regularise the business ecosystem elevation cycle
The above-described four steps constitute a business ecosystem elevation cycle. Repeating the cycle enables continuous growth of your ecosystem. The interval frequency may vary from one business to other. So, based on your business category, you can iterate your elevation cycles. And start creating more value from your business ecosystem/s.
The very purpose of building an ecosystem around your business is support. Irrespective of whether your business is succeeding or downgrading, the ecosystem keeps saving. Thus, elevating your business ecosystem is not an option. It is inevitable for any business!