With this question you can open up all the relevant topics you need to go through when forming a vision of your company. A vision that will ensure that your company will stay relevant in the future.
When you think of your answer to this question, you will need to consider at least the following:
- Reviewing current market: how will the emerging companies, start-ups and competition try to transform the business you are in?
- Utilising new technologies: how would you work in the current and future connected digital world and new platforms?
- Finding new business models: would you use the same business model if you would start now?
- Eliminating legacy: what if there were no burden from the past prohibiting you not to change?
- Utilising your assets: think of your assets that you wouldn’t have. This helps you to identify your strengths that you need to nurture to maintain your advantage compared to entrants in the market.
- And last but not least: in which business you actually are in? What are the underlying constants that you want to keep, and which ones you want to change?
Why is this question so powerful?
Why do you need a vision?
The decisions that people in the company do today are all at the end based on a vision or purpose of where you want to be in a few years. In case you haven’t stated the purpose explicitly, each decision maker — practically everyone — base their decision on their own interpretation of the current state and the direction where the company is heading. Typically, these decisions are more likely to maintain the status quo rather than aim to transform the company.
Lately, the emergence of digital technologies, internet, and the associated new business models have been the primary cause for the market disruptions that has swept so many companies down under.
Many incumbent companies struggle with the renewal. They have been in their business for so long that they have difficulties in breaking out from the old patterns. The literature and business folklore is full of stories of companies who couldn’t transform when the world was changing around them: Kodak, Blockbuster, Polaroid, Toys’R’Us, Nokia’s mobile phones, etc.
These well-known companies and brands are just the tip of the iceberg. There are uncountable number of small and mid-size companies that we have never heard of that perished. They couldn’t respond to the changes and the new entrants to the market. They lacked the capability to transform themselves, but primarily of all, they lacked the vision of how they should transform.
If they would have asked themselves this question — and acted upon it — they might have been able to change before they became irrelevant. On the 23 th of january, we organize a breakfast meeting in Antwerp to explain you briefly the necessary steps and how you can get subsidies to finance.
Transform or die?
A “what if” -question actually causes a company to re-think their strategy. The brand hierarchy will possibly need to be turned upside down. They must review their business model. They need to start the work to transform their existing channels, partnerships, value proposition and the catch-up service to this new world. This transformation needs to be done carefully, in order to not to alienate the current audiences in short term. The Argonauts can help you realize this transformation. If you need any help with it, drop us a line : email@example.com