When do we need to make changes in our businesses?
One individual step of change is the first tep toward transformation. But why change? Change is absolutely essential to stay relevant in today's fast-moving world.
When you suggest to someone whose business is doing well that they make some changes to their company, they very often say, "Why should I change when everything seems to be working well and we are successful as things stand?"
Alternatively, when you suggest making changes to someone whose business is not doing well, they often say, "I am not comforatble making changes to my business right now. It's just too risky. We have been successful in the past with this strategy. I'm sure it will work again, and I'm not sure of the changes you are suggesting."
So, when is it appropriate to make changes to your business? I think the correct answer is, all of the time. In fact, you should never stop changing. You should embrace change.
In the book Blue Ocean Strategy by W. Chan Kim & Renee Mauborgne, they suggest an effective stragety might be to "blue the lines" in the market boundaries in which you compete. If you are a services company, maybe add a product. If you are a products company, perhaps add a service unique to your company. Competitors will find it difficult to compete with you if you offer something they don't or can't.