For this post, I am on my soap box, as every time I read these updated statistics I am astonished, bordering on furious. It is predicted that this number could rise to 70% over the next 20 years.
Businesses that take so much blood, sweat, and tears to build can go out of business - just like that. They fail to organise themselves to stay in tune with changing market dynamics, and so compete on price - which is a race to the bottom - and eventually die. With so many business supports and business coaches who know the rules of the game and can help companies reorientate their value proposition to win, why do CEO’s not use them?
I experienced the death of a business firsthand with our family business, and the fall out was immense. Internal differences and poor management was the reason, not market forces, which made it even worse.
At the recent DCU Invent hashtag#FutureOfEntrepreneurship, about “turning your business plan into a business” for start-ups, it seemed more relevant for established businesses. Check out Paul Cheek’s books, MIT Sloan School of Management, Martin Trust Center for MIT Entrepreneurship in Boston.
The person in the street knows that markets and customers don’t stand still; companies come and go at speed. So why then do senior leaders think they can just keep doing what they have always done and survive?
💡 To thrive as a business in 2025, leaders must innovate around their business model. Not just adapt it – actually throw it aside for a day and think like a start-up.
Start-ups are starting from scratch, throwing their energy and passion into solutions for customers they don’t even have. Ironically, your customers are already sitting in your database - yet is anyone asking them what jobs they need done or what their pain points are?
🔍 Take the time to find out what your customers want, what they are really struggling with and then provide it. Delegate it to the younger intrapreneurs in your companies and see what they come up with.
📩 DM us to discuss a “Voice of the Customer” review process, which is one of the key topics in our Sales, Marketing and Innovation (SMI) programme.
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