Adapt or Crash: Choose Your Business Path
As the leader of a business, you have two choices. As trends and economics change, you can adapt and capitalize on the opportunities, or you can stay the course and watch your business decline.
At some point, your farm will face an inflection point, which is a business term for an event that changes a company or industry. Think about GPS guidance, the pandemic and electronic commodity training.
“After that inflection point, all bets are off; the industry changes,” says Damien McLoughlin, professor of marketing at the University College Dublin in Dublin, Ireland. “The forces that drive that change are rarely a surprise, and the change, which appeared to be so gradual, then suddenly comes into play.”
In using the book, “Seeing Around Corners” by Rita McGrath as a guide, McLoughlin provides steps to push your business toward growth.
- Build a united organization. Everyone on your team needs to understand they play a vital role. “When a leader casts a vision of great improvement, everyone feels hopeful,” says Mark Faust, president of Echelon Management.
- Focus on innovation. Create a business culture that accepts and thrives on innovation, McLoughlin says.
- Enhance your business’s resilience. To do this, Faust suggests sitting down with your team and discussing the future. Look at the trends; see how your competitors are approaching the changes and brainstorm solutions.
- Develop a written strategy. “Strategy is simple,” McLoughlin says. “It’s about a leader asking: What are the opportunities in our environment, and what resources do I have now, or can I assemble, that allow me to take advantage of these opportunities?”
Andy Grove, Intel’s co-founder, described a strategic inflection point as an event that changes the way we think and act. The seismic event occurs, then businesses either thrive or die.
