If you are the CEO, you must constantly ask yourself and your executive team the relevant question: what is our business today? Is it still relevant? What needs to be changed or improved and what needs to be stopped altogether.
Consider television for example. What is the best way to monetize your content so that your re-invest more in original and local productions to make even more money and attract more eye-balls? Where are potential growth opportunities? What are you missing which competitors could leverage on instantly and win?
Instead of holding routine agenda meetings that make people sleep, just ask them the question: what business are we in? Is our business model still relevant? How do we re-invent?
When we asked such a question at Summit Consulting Ltd in late 2020 at our recent strategy review question, the answer was interesting. We realized that our investment in the physical training rooms became useless considering the preference by the students and clients for virtual classes via Google Talk, Zoom, or Teams. In the past, delivering services in countries like Kenya and Rwanda came at a huge cost involving travel and accommodation. Today, all these have changed.
Our business has changed. And so, must we.
#COVID19 or not, change is happening as your customer needs to transform to move with the times. The competition is becoming shrewder and more advanced, with more investment in digital tools to deliver. Continuously reviewing your business is the sure way to find new growth imperatives. And the best way to do so is to have your top team in one room and asking such questions continuously. The times of waiting for 12 months to go back to the strategy review have gone. You must do the process over and over to proactively re-invent yourself.
So, what is your business today? Is it still making sense to your customers?
Copyright Mustapha B Mugisa, Mr. Strategy 2021. All rights reserved.