Prosperity For Our Community…
Why Business Model Innovation (BMI) Matters
"Prove all things; hold fast that which is good."
I Thessalonians 5:21
Three overarching challenges face our local economy and local economies throughout rural America:
1 - a shortage of resilient, rewarding careers;
2 - a shortage of diversified tax revenues; and
3 - a shortage of funds for desirable, community amenities.
Without a viable response to these crippling challenges, rural communities, at best, struggle to get by and, at worst, slowly wither away.
There are, however, a number of promising alternatives for our local economy as well as rural economies across America; alternatives that provide promising opportunities to prosper!
One such alternative is Business Model Innovation (BMI).
Business Model Innovation offers rural economies throughout America a viable response to the above challenges.
Resilient, Rewarding Careers
Now and in the future BMI will become increasingly important to our local and global prosperity. It has and will continue to create a significant number of rewarding careers in virtually every industry and sector of the economy. It is a dynamic discipline that answers the challenges and changing needs of markets and industries worldwide. It is a means whereby a number of local residents can jump-start their careers.
Learning, applying, and mastering this discipline provides individuals with a resilient, high-demand, highly paid skill-set.
Regardless of industry (tourism, healthcare, education, construction, agriculture, forestry, etc.) or whether an organization does business in the public or private sector (for-profit businesses, non-profits, municipal governments, etc.); expertise in business models and their innovation provide individuals a practical framework for building prosperous careers and economies.
The practice of BMI is not a capital intensive; it doesn’t require a lot of money. Therefore, a number of local residents can be competitive on a global scale, without breaking the bank. It offers high-paying careers in a variety of industries, diversifying our local economy and making it more resilient to the uncertain economic environment of the 21st century.
Moreover, it provides a mechanism to live and work locally while serving clients worldwide.
Growing & Diversifying Our Local Tax Base
It is a well known fact that dependence on one or two industries to support our municipal services and amenities falls prey to unpredictable changes in the economy at all levels. Because BMI is a discipline that serves all sectors of the economy, tax revenues are generated from a variety of industries, providing a diversified, resilient economic foundation not only for those who develop expertise in BMI, but also a resilient, diversified tax base in the municipalities in which they live.
More high-paying careers, those paying $100,000+/year, make a significant contribution to our local economy.
With 2 to 3% of local residents developing expertise in this discipline, our local tax base can significantly increase. Moreover, as the number of industries served increase, so will it greatly diversify our tax base and the resilience of our overall tax revenues.
Innovative Funding of Desired Community Amenities
Recreation, education, entertainment, and shopping play a key role in the desirability of a community. Unfortunately, a majority of rural communities throughout America find it difficult to fund or attract such amenities.
Although a growing tax base can provide a springboard to acquire desired community amenities, innovative funding mechanisms are key to sustaining and maintaining those amenities.
Furthermore, amenities tend to attract complementary amenities. For example, shopping attracts restaurants and restaurants attract entertainment options. Recreation attracts the above as well as lodging accommodations, etc.
BMI offers some promising possibilities to secure funding for communities throughout Rural America. It opens a number of doors by creating viable options that otherwise might be overlooked. It is an agile discipline that thrives in environments of uncertainty, change and constraint.
BMI provides key advantages that complement our past and current efforts to build a resilient, prosperous local economy. It is practical and increasingly being used by successful organizations worldwide to strengthen and improve their desired outcomes.
It’s been said, “If you keep doing what you have always done, you will continue to get the same results.” BMI is a positive game changer for our local economy and economies across rural America.
The Silver Creek Economy blog is sponsored by Partnering Technologies, an Arizona-based Learning & Development Company. Their focus is helping rural communities across America and throughout the world build and maintain prosperous, thriving local economies through the systematic application of innovation principles and methodologies. Its founder is Jim Sanderson. Contact him at madison85937@yahoo.