Evolve or Perish? It is safe to say that all businesses want to succeed, don’t want to perish or become obsolete in the future. However, It is often difficult to recognize when you must Change and Evolve your business to be relevant or know What to do when facing  Stagnation (no or limited growth).

Maybe you are still delivering on your profits of today and have become really good at optimizing your business through various measures, such as operational excellence, cost-cutting, price/mix, process improvements, commercial terms, etc. This is a must, and it is ok if you pat yourself on the back for a job well done!

However, change is inevitable and the need to continue to transform your business is critical. You must pay attention to the signs that your business may become irrelevant as the market and customer needs evolve, and it is important to allocate resources to go beyond the near term success.

Here are some Signs that your business needs to Evolve:

• Limited Growth, or Declining.
• Market share erosion or loss of leadership position.
• Intense competition with high price pressures.
• Changing market dynamics and customer needs.
• Value proposition is not longer compelling to your customers.

What can you do? Here are some Actions you could take:

• Learn about your market and customers, it is not enough to only talk to your direct customers,  be curious to understand the bigger picture.
• Explore new markets/customers, new ways to deliver value with your products/services (value proposition) and capture value (business model).
• Adopt new capabilities to deliver more value to your customers.
• Allocate resources accordingly to validate these new ideas and turn them into a viable business.

If you are experiencing any of these signs, let’s talk about how to turn these challenges into viable business opportunities, contact us.

#BusinessGrowth #StrategyExecution #Transformation