Don’t be afraid to spend resources dedicated to growing your business. In this piece, Blue Ocean looks at 4 excuses used to stay inside your business’ comfort zone.
Via: Blue Ocean Strategy
Companies are under a lot of pressure to perform and show continuous growth. But often senior managers are afraid to try new things, as it involves them going outside of their comfort zone. Blue ocean strategy created by W. Chan Kim and Renée Mauborgne can offer a solution for them. It not only offers a framework for structured creative thinking, but also provides the tools and guidelines to minimize implementation risk.
Below we take a look at four often heard excuses and we explain why you shouldn’t let them get in the way of your company’s future growth.
1. “We are not a start-up.”
Did you think start-ups have a natural advantage in creating new market space? Think again. Whether you’re a start-up or an established player, industry history shows that blue ocean opportunities are everywhere and that both incumbents and new players create new market space. While it’s true start-ups aren’t hindered by a rigid organisational structure or pre-existing investments, they also don’t have the market reach, rich pool of talent, and resources that most incumbents have, which are equally critical to creating and capturing blue oceans.
The bottom line: creating blue oceans is less a function of whether you are a start-up or an incumbent and has more to do with your strategic perspective. The winners focus on creating, not competing; on value innovation, not technology innovation. So what are you waiting for?
2. “We have a business to run. We can’t just change everything.”
Afraid that blue ocean strategy will make a too drastic change to your organisation? Thus impacting your current offering and existing revenue stream? Think again. Blue ocean strategy encourages you to take a closer look at your entire portfolio of businesses and to see where the opportunities for growth lie.
If your businesses are mainly settlers, me-too businesses, chances are the competition and new market entrants will threaten your future growth and profitability. Blue ocean strategy is all about striking a balance between the businesses or products that contribute to your revenue today and those that are setting you up for success in the future. And the good news is blue ocean strategy shows you how to achieve this.
3. “We don’t have the time or creativity to come up with such a strategy.”
Did you think that defining a strategy will cost you too much time? Or maybe you simply don’t think that you’re up for the task? Think again. Blue ocean strategy offers a step-by-step methodology that will bring structure to the creative process of strategy-building. By helping you ask yourself the right questions about your business, blue ocean strategy makes sure that you stay focussed and are effective in your path towards creating new market space.
4. “This might look good on paper, but it’s not practically feasible.”
Worried that the strategy drafting exercise won’t make it to the execution phase? Think again. Implementation is one of the main pillars of blue ocean strategy. By advocating fair process and in ensuring alignment of value, profit and people, the chances of successfully implementing the strategy are significantly increased.
How many of these excuses do you use to justify not taking action? Maybe it’s time to take a step back and rethink. Advice can help launch you to new heights, it’s up to you to take action.