What heritage railways can teach us about changing business models
For years, attracting passengers to heritage railways was straightforward: evoke nostalgia, and people would come.
But this approach doesn’t resonate with the younger generation, who lack personal memories of these trains and see ‘heritage’ in a different light.
At the same time, people’s priorities for how they spend their time have shifted. Since the end of the pandemic, more people are travelling abroad, and increasingly view both the UK and heritage railways as expensive options. There’s also growing pressure from environmentalists on the use of steam railways.
Taken together, it’s clear that heritage railways must rethink their business model. This is a moment of reckoning—but also of opportunity. How do we navigate these changes while bringing people along with us?
It’s a question I grapple with often due to my involvement with heritage railways. But it’s also one we’re helping clients in other industries to tackle.
Because, as you know, the world is evolving in many ways—technologically, politically, financially and demographically.
Advances in technology are reshaping industries at a rapid pace, while political instability and economic challenges are putting pressure on businesses from all angles. Demographic changes, like the ageing population or shifts in consumer behaviour, mean that what worked in the past no longer guarantees success.
For many businesses, the old way of doing things simply doesn’t work anymore. Small tweaks won’t solve the problem.
Many organisations are realising that they need to reimagine their entire business model – reconsidering how their products and services align with changing market demands, rethinking their customer base, or finding new ways of delivering value.
This can involve restructuring your operations, updating your hiring strategies, revising your pricing models, or even changing the markets you serve.
Take, for example, the company I mentioned in my email last week. Because of shifts in the way their industry operated, they were considering leaving the building they had been in for decades. They simply didn’t need the space that was required 20 or 30 years ago.
But moving out wasn’t just a real estate decision — it required a fundamental rethinking of how they put projects together, who they hired, and how they managed their finances.
Is this something you need to consider too? If you haven’t done so recently, it may be time to reevaluate how your business is structured and how it can continue to thrive in this evolving landscape.
That is a fundamental part of our service here at Insight Associates, as we help you manage your finances to a world-class standard. After all, your business model is at the core of your success. If it’s not right, your financials won’t be either.
Let’s talk about how we can help you assess and reshape your business model, ensuring you’re positioned to thrive in the future. Simply email garry@insightassociates.co.uk or call us on 01279 647 447 to find out more.
Warmly,
Garry
