Today, when your wealth can change literally in one night, a new strategic approach is needed to turn the moment of maximum risk into maximum chance. In his book “The Upside”, Adrian Slywotzky presented bald and genuine ideas for crucial growth of business. There are also described some practical measures you can use right next week, such as:
• How to change chances to success in your next big initiative and create prospective breakthrough in the sphere, as Toyota did with its growing product line of Prius cars.
• Define and use the risks, but do not become their prisoners. Become a company with intense knowledge and keep increasing the gap in knowledge between you and your competitors. This was convincingly shown by Coach and Japanese Tsutaya.
• The one who dominates in a category cannot dominate in what is beyond the category. When a basketball legend Bill Russell had to face a taller and physically stronger Wilt Chamberlain he invented a different manner of playing thus managing to bring Boston Celtics to victory. The same kind of thinking of the Target company helps it flourish in Wal-Mart world. It can also help you overcome an “invincible” competitor in your field.
• When you come to the crossroads on your way, take it! Only few companies are able to survive when technological or strategic changes come into the field. In order to survive, learn a secret that allowed Microsoft company to endure Internet – the art to make double stakes.
• Are you stuck in your business? Find a wider framework, then – the widest. When grosth stops attract more money of your clients through innovations in demand and large-scale thinking. Follow the example of other companies such as Continental AG, Ikea and Procter & Gamble.
• Your competitors can also help you the most in obtaining your profits. Stop mortal combat with your competitors! The key to success is the awareness of when it is the right moment to compete and when it is to cooperate, as the Apple company showed with its revolutionary approach to cooperation in music industry.