Review, Focus, Reset
During the months of December and January, Compete Weekly will present a selection of nine key thought pieces from the 2017 series that will help you focus and reset for 2018.
Article One – The Myth of the Mature Business
Don’t ever allow your business to become ‘mature’. Why? Because that could signal the beginning of the end for your business.
When a person becomes mature it is considered that they are fully grown and developed. In contrast, when a business becomes mature it is often thought that it has reached its potential – and this is not a good thing.
However, I believe there is no such thing as a mature business or a mature market. There are businesses that have ceased to evolve, step-out and reinvent themselves, and there are markets that are dominated by businesses like that.
The most important determinate of a business’s success is its own capability and not the industry in which it competes. A business can become very successful in an industry that is deemed ‘mature’ and a business can fail in an industry that is considered a ‘goldmine’.
Why? An entrepreneurial business can bring life to a dying industry through its creativity, innovation and leadership. And a hopelessly-led business can fail in an industry in which everyone else is doing well.
Any failure to renew rests squarely in the hands of the leadership team. What are you planning for 2018 and beyond?
Additional reading – Mercedes Corrects Its Course – Do You Need To?
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All the best in the success of your business,