Constructive destruction offers a path to stronger growth. Destroy your business? Don’t most business owners focus on building their businesses rather than tearing them down in some way? Actually, there are times when a business must destroy some of its practices, culture, products and even markets so it can get beyond its constraints and grow much bigger. Harvard Business School professor Clayton Christensen and others have described this as a…
The answer might surprise you. What business are you in?” This famous question is one that has been made popular by case studies at the Harvard Business School. It is a deceptively simple question, filled with nuance and significance if taken seriously. This question goes to the heart of how leaders and owners see themselves and their businesses. “As we see ourselves, so shall we behave,” the saying goes. So…
Keep innovative products and services in the pipeline to avoid obsolescence.Small companies seem to fall into one of two problematic groups when it comes to new product development: either they are too optimistic and aggressive, launching their organizations on what often amount to wild goose chases, or they tend to ride their existing product lines into the ground, being unwilling or unable to make the investments necessary to expand through…