Business Strategies - Exploit vs Explore Fundamental business decisions in volatile today’s unpredictable markets include the use of resources to either exploit current business and operating models, revenue streams, scale and efficiencies, get LEAN, focus business excellence or, alternatively, invest in fundamentally different avenues, explore new opportunities, create emergent offerings, enter new markets and develop new products or services. Challenges companies face to balance a minimal-mistake exploitation model and a exploratory approach to research, analysis and investigation include increasing tolerance of making and managing mistakes, understand calculated business risk and implications to financial plans and develop a culture that can funnel information and tactical education into valid decisions and ultimately business direction. Acuity, creativity and curiosity all must play into the leadership role to enable purposeful and fair execution. Why is business different these days? Stable capitalism, the ability to minimize market influences, solidify plans, and run a machine is being replaced by more complex value chains, increased influence of customer driven needs, limited free cash and the demand for increased business agility to respond. Terms such as ‘design thinking’, innovation, ideation, and prototyping abound yet underlying these tools, competencies and capabilities is the need to identify business habits to defeat, restate value, and drive creative problem-solving skills deep into your organization. “To be is to do” Sartre What are you doing to balance your business? Command and control vs fostered opportunity. |
Change the Game |