Section II Digging Deeper
In today’s business environment, every industry and market has become more competitive than ever before. Every datapoint is analyzed, decision scrutinized, and product and service evaluated from every angle possible.
This is very different from years past. Businesses could often succeed on brand recognition or simply by being in the right place at the right time. Though it was important to produce valuable products and quality service, the inability for customers to see across industries and markets allowed companies with inferior goods to succeed in spite of their shortcomings.
This is no longer the case. In the ultracompetitive world in which every company is trying to squeeze out every penny in the value chain, organizations cannot hope to succeed unless they are constantly adapting, evolving, and improving. Customers now have more access to information than ever before and can easily gain knowledge about you and every one of your competitors. This enables them to continually find the best deal on the market. Furthermore, with specialization becoming so prevalent in the world today, anything you are not doing exceptionally well will be exploited by your rivals. This makes it necessary that you maximize the value you deliver to consumers at any cost.
This dynamic transformation will not lessen. Instead, you must accept that the landscape of business has forever shifted and the ability to maintain the same type of operation as in years past will not lead to the same profitable results. You must embrace delivering the most V-A-L-U-E possible to consumers, accept the new threats that have emerged because of the global economy, and determine the most practical approach toward executing change.
There is no debate; everything in business is changing. This makes it necessary for you to dig deep to identify how you can transform to meet the new demands of the market. To do this, you must place emphasis on the four core questions while reading this section:
- • What do you do?
- • What could make you obsolete or replaceable?
- • What change can you make to eliminate this risk?
- • What specific actions can you take to execute this change?
These are not the only questions to reflect on when reading this section, but they do capture the essence of what is important when building your company’s future. To truly transform your business and create sustained success, you must discover the critical changes you must make to offset the new challenges that have emerged.
The global assault on every industry, market, company, and value chain is just beginning. Margins will continue to shrink, competition become more intense, and changes materialize faster than ever. This makes it evident that, if you want to succeed, you must not only adapt to the changes that are occurring today but also take a new perspective on what it will take to win in the future.