Change for change sake rarely to never works. In the face of all consuming push to innovate, make sure the innovation has purpose for the growth and well being of your business. Sometimes updating a tried and true strategy is a better alternative. Leadership and management
Excerpt: All companies want profitable growth. The challenge is how to achieve it — and sustain it. Companies often seek to reinvent themselves by launching multiple new initiatives and growth strategies. But this usually adds complexity, which hurts growth, kills profits, and weakens the core business.
Research by Bain & Company’s Chris Zook concludes that profitable growth comes from simple “great repeatable models” (GRMs). Companies with GRMs have learned to replicate their success and adapt, over and over — often for decades — in difficult industries and tumultuous circumstances.
Check out webinar here via Repeatability: Building Enduring Business – Jason Sylva – HBR Events – Harvard Business Review.