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Reinvent Your Business

Cultural awareness, integration of worldviews, products and ideas, amalgamate naturally in today’s successful businesses. Consequently, to be successful in today’s fast paced, ‘globalized’ professional realm, organizations must reinvent themselves. Failure to reinvent could significantly shorten the life span of any organization. According to Matthew Olson and Derek Van Bever, organizations have less then 10% to recover should they fail to reorganize. Two thirds of stalled companies’ fail, and may face bankruptcy. Even the most successful businesses must find ways to reinvent themselves periodically to create opportunities for growth. For example, organizations such as Tiffany & Co, have implemented a successful business model and reinvention strategies for the past 175 years.

The problem is that many organizations invest a significant amount of energy simply ‘managing’ their business financial S curve where profitability is slow, ascends rapidly, and tapers off. This type of a business model is a temporary guideline but is not the practice of successful organizations, and lead to a state of panic in a stagnant market. According to research conducted by Nunes and Breene, successful organizations are proactive in their practice and ‘fix what isn’t appear to be broken’.  To succeed today, businesses and organizations must expand their focus and look beyond the financial S curve. To achieve this, businesses must turn to organizations that have defined successful guidelines. The three components of a successful business are:

  1. Know your competition
  2. Reinvent and renew capabilities
  3. Well designed employee selection practice

Success in a global economy is plausible if organizations are capable of applying a business model that will lead them to a successful path. Be proactive, not reactive, and you will certainly be on your way to success in today’s demanding global market.

 

 

 

 

 

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