With the rapid changes in technology, global economy, government regulations, social trends, and politics, the new business paradigm is “Adapt or Perish”.
If you are not aware of new and disruptive technologies, including the internet of things, the blockchain, smart cities, driverless cars, drones, robotic development, artificial intelligence, cloud computing, 3D printing, big data, quantum computing and other external changes, your business future could be at risk. However, if you anticipate and adapt, they might turn into great opportunities.
Due to accelerated changes and disruption, in the World Economic Summit in Davos early this year, some leading experts predicted that 40 % of the American top 500 S&P Companies would not exist in 5 years’ time. Isn’t that alarming?
Failing to understand the implications and planning for the future of your business could compare to ‘Buying a VHS factory the day before CDs and DVDs came onto the market’. The impact of these emerging concepts also has the potential to affect your business as much as Kodak ignoring the opportunities and threats of the digital camera.
Businesses need to have the methodology and process to be engaged and inspired to have one eye looking at the present and one eye looking into the future for a Smart, Successful and Sustainable Business.
Design thinking is an excellent method for a practical, creative resolution to business challenges under rapid changes and uncertainty, with the intent of an improved future result and sustainability. By considering both present and future conditions and parameters of the business challenges, alternative solutions may be explored simultaneously for business growth and exit. Thus “fine-tuning the business strategy and business model” to be a Smart Business of Today and Tomorrow is the most important first step.
To provide visibility regarding the possible financial outcomes of the best alternatives and to come up with an informed decision making for the best solution, the “show me the money” step using scenario analysis financial modeling is a must-have second step.
Lastly, as most business owners will agree, success comes from the successful implementation/execution” of the selected new business model and actions required to grow and/or exit your business profitably and sustainably. Focusing on low-hanging fruits and executing the required actions pragmatically and within the business means, measuring the results, and taking the necessary corrective actions moving forward will be the key to success.
Original Post by Eric Tjoeng – CEO & Founder of Business Growth and Exit Specialists on LinkedIn
CEO, Management Consultant, Business Coach, Business Strategist, Business Growth, Future Proofing & Exit Specialist