What Change Can You Make to Eliminate This Risk?
Stop thinking linearly. The answer to your problem could be moving directly from Point A to Point B. However, this isn’t always the case. The solution could be outside the box. Especially in competitive industries with established products and services, the answer is quite often not a direct line. For example, Blockbuster looked at its current competition and took the initiative to have more selection and more inviting stores. That didn’t matter. The issue was never about creating a pleasant atmosphere or having a lot of content. Rather, Netflix made it so easy for people to rent DVDs (and stream movies) that customers had no choice but to make the switch. The motivation to change had nothing to do with where Blockbuster placed their emphasis. The reason consumers stopped using Blockbuster was because it had an archaic business model that lacked relevance. Blockbuster missed this; they failed to recognize the disruptive change that came along. Rather than looking at problems from the surface level, dig deep! Determine the change you can make that will increase the value you deliver.
What Specific Actions Can You Take to Execute This Change?
The final step is actually implementing the change. This is often the most difficult part of the process. So many times, companies (especially mature companies in competitive markets) put off making changes because of the inherent belief they cannot afford to slow down operations or take a break from being productive. They must continue pushing forward at all costs for fear that if they stop, they will fall further and further behind. Fight against this mentality. This approach will have you endlessly bailing water out of a sinking ship until it is too late. If you want to stop sinking, bailing water isn’t the answer; you need to identify where the boat is leaking and plug the hole. Determine what specific actions you need to take to make the change you identified. Then execute that change as quickly and efficiently as possible.
It must be noted, even when Blockbuster did finally change, the company still didn’t succeed. Disappointingly, there isn’t an exact science for how to ensure the changes you make will generate a fruitful outcome that includes extraordinary revenue, booming profits, and an endless flow of customers. Nothing in business is a certainty. However, the willingness to remain fluid in a fast-moving economy is essential and creates the best opportunity to improve your place in the market and build a successful company in the future. And using these four core questions will help you get there.