Looking back at history, we can see examples of businesses that failed to create options and make smart bets, leading to their downfall. Do you remember Encyclopaedia Britannica, Kodak and Blockbuster?
Encyclopaedia Britannica, Kodak and Blockbuster failed to adapt to changing market conditions and were eventually overtaken by competitors who did.
In the past, movie rentals required customers to physically visit a store and then rewind the tape before returning it. The rise of digital streaming services like Netflix has made this process obsolete, rendering traditional movie rental stores like Blockbuster irrelevant.
Similarly, the advent of digital photography rendered Kodak's film-based business model obsolete.
And although Encyclopaedia Britannica was the only way to accidentally learn about the mating habits of sloths, it failed to embrace the internet successfully.
In the constantly evolving landscape of the business world, leaders need to develop a strategic mindset and continuously ask themselves three vital questions:
What is really going on?
What are our options?
What will we do?
CEOs and business leaders who succeed ask and answer these three questions consistently. These questions help leaders stay on top of their game, anticipate changes in the market, and make informed decisions.
Having a strategic mindset is not a gift that some people are born with; it is a skill that can be acquired and honed with practice. One resource that can help business leaders cultivate a strategic mindset is my best-selling publication, The Strategy Book.
The Strategy Book helps you to think differently about this digital planet. It contains twenty quick-to-read notes and exercises on how to create a strategic mindset. Readers will learn how to apply six steps to future-proof their business.
You can purchase your copy of The Strategy Book here: https://www.halecg.com/store
Stay ahead of the game and cultivate a strategic mindset to ensure your company's success in the long run.