If you’re like most managers in the world, then growing your business or improving your company’s performance is probably top of your agenda. But this also means you’re under pressure to leave your comfort zone and try new things – with all the insecurity (and excuses!) this can bring.
Blue Ocean Shift might be the solution you’re looking for. It’s a framework for structured, creative thinking, along with a set of tools and guidelines that minimize the risks of venturing into new waters.
Here are four common excuses and some of the reasons why you shouldn’t let them get in the way of your company’s future growth.
Did you think start-ups have a natural advantage in creating new market space? Think again. Whether you’re a startup or an established player, research shows that blue ocean opportunities are everywhere and that both established industries and new players can create new market space.
It’s true that startups aren’t hindered by a rigid organisational structure or pre-existing investments. But they also don’t have the market reach, rich pool of talent, and resources that most incumbents have, which are equally critical to creating blue oceans.
The bottom line: creating blue oceans is less a matter of whether you are a startup or an established player. It 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?
You’re bound to feel some anxiety at the thought of making changes to your organisation. But chances are the competition and new market entrants are already threatening your future growth and profitability. If you don’t make a change now, it may be too late.
A blue ocean mindset encourages you to take a closer look at your entire portfolio of businesses and see where the opportunities for growth lie. It’s 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. The good news is that when you make a blue ocean shift, you can achieve this in a way that minimizes risk and maximizes opportunity.
This is perhaps the most commonly heard excuse – that defining a strategy will cost you too much time and that you’re not up to the task. However, a blue ocean shift offers a step-by-step methodology that brings structure to the creative process of building a strategy. By helping you ask yourself the right questions about your business, a blue ocean shift makes sure that you stay focused and effective on your path towards creating new market space.
It’s true that a strategy is not much use if it can’t be executed. That’s why Blue Ocean Shift makes successful implementation one of its main pillars. By advocating fair process, and ensuring alignment of value, profit and people, the chances of successfully implementing the strategy are significantly increased.
So, have you caught yourself making any of these excuses? If so, it’s time for a rethink. Don’t delay taking action on your future. Blue Ocean Shift will help you identify opportunities for growing your business. But it’s up to you to seize them.