Posted by: Madhavi CN | February 23, 2016

Sharpen the Saw, Strategically

Often businesses face some of the toughest challenges but routinely categorize them as high competition, insufficient market intelligence or insufficient sales efforts. Companies that were once successful start struggling as they invest into intensifying their efforts instead of taking strategic initiatives that lead to real advantages.

Check out if your company is facing any of these challenges that need a strategic approach:

Mature Markets: Are you in a mature market where the growth rates are stagnated? Have you reached a plateau and attempting a fresh burst of growth?

Customer Base: Is your product/ service liked by customers/clients once they tried it? Are you trying gimmicks to get a larger customer base to try your offering?

New Market: Are you entering a new market which is dominated by a biggie? Are you looking to be a David who can convert Goliath’s advantage to a disadvantage?

Changing Regulations: Are you struggling to leverage the shifts in the industry practices or Government regulations?

New Concept: Is your offering centered on a radically new concept that requires a mind-shift change in the customer?

A conventional approach in dealing with the above challenges gives no benefit whatsoever.  Businesses that are driven by efficiency might have been successful so far with their well-tuned efforts in achieving incremental goals. But what is needed to stay ahead, be it business or personal success, is to continue building the resources (‘sharpen the saw’ as Steven Covey puts it) that enable quantum leaps. At the core of the resource building efforts is INNOVATION.

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