Those of you who have followed this newsletter for a little while may know that one of my favourite phrases is “nothing fails like success.” Many companies fail not because they’re bad at what they do, but because they’re great at what they do. It’s just that the market changes around them and they fail to change with it. Think of Kodak, HMV, Blockbuster and Debenhams for examples.
Managers of successful businesses, it seems, overestimate the risk of changing strategy and underestimate the risk of strategic inaction. They can see the potential for failure of trying new things that aren’t guaranteed to succeed – an error of commission – but can’t appreciate the risk of not doing those tasks when they could lead to a better future – an error of omission.
You can see this process at work in the recent analysis and discussions of vaccine side-effects. Some people are hesitant to take the Astra Zeneca vaccine because of the tiny risk of blood clots, even though, for the vast majority, the risk of contracting Covid-19 as a result of not taking an available vaccine is far, far higher.
In terms of the vaccine, the answer is to get the jab if it is offered. And the answer for business leaders is to err on the side of change and to take the prudent risks necessary to evolve and develop your strategy in the face of dynamic, turbulent markets.
Off The Record: The Changingman by Paul Weller
The more I see, the more I know
The more I know, the less I understand
I’m the changingman
Built on shifting sands
The Time for Bold Moves
Growing through and beyond the pandemic requires bold actions, not timid plans. These 5 steps can help you to accelerate growth and transform your market position.
© Stuart Cross 2021. All rights reserved.