Many people think that businesses last for a long time, but new research reveals that 32% of public companies will disappear in 5 years. In fact, we will probably outlive the companies we work for. Businesses that want to survive and succeed need to change their strategic thinking.
Business leaders must take matters seriously and learn different strategies appropriate to the situations they face.
- The Classical Approach (be the biggest), is the traditional analyze-plan-execute method, aims for a sustainable competitive advantage through scale or differentiation.
- The Adaptive Approach (be the fastest) is about reacting quickly to dynamic market conditions by constantly testing new ideas and quickly scaling up whatever works.
- The Visionary Approach (be the first) anticipates new business opportunities and is usually linked with start-ups, but nowadays, established companies must also be innovative to remain competitive.
- The Shaping Strategy (be the orchestrator) is about collaborating with other companies, often using a digital platform, to reshape an entire industry.
- The Renewal Strategy (be viable) is best used when a business is in jeopardy and needs to conserve its resources to fund the journey back to viability and growth.
As businesses expand their reach across multiple geographies or industries that are constantly evolving, CEOs must adapt and deploy effective strategies to remain competitive. The traditional approach of analyzing, planning, and executing is still relevant, but today’s business landscape requires a more nuanced and adaptable approach to succeed.
* Leads Resources can assist you in developing a program to help you re-evaluate your vendor relationships. Contact our team for more information.