{"id":27637,"date":"2018-03-07T16:47:56","date_gmt":"2018-03-07T22:47:56","guid":{"rendered":"https:\/\/salesv4.aligntoday.com\/blog\/why-you-need-to-adapt-your-business-strategy\/"},"modified":"2023-07-20T07:39:19","modified_gmt":"2023-07-20T12:39:19","slug":"why-you-need-to-adapt-your-business-strategy","status":"publish","type":"post","link":"https:\/\/aligntoday.com\/blog\/why-you-need-to-adapt-your-business-strategy\/","title":{"rendered":"Why You Need to Adapt Your Business Strategy"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1224px;margin-left: calc(-2% \/ 2 );margin-right: calc(-2% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:0.98%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:0.98%;--awb-width-medium:100%;--awb-spacing-right-medium:0.98%;--awb-spacing-left-medium:0.98%;--awb-width-small:100%;--awb-spacing-right-small:0.98%;--awb-spacing-left-small:0.98%;\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p>There\u2019s no one-size-fits-all when it comes to your business strategy. Every company is different, and your business strategy will need to take your industry, size, and market needs into careful consideration.<\/p>\n<p>Some industries are more dynamic and fast-paced than others. As noted in the famous Harvard Business Article turned book\u00a0<a href=\"https:\/\/hbr.org\/2012\/09\/your-strategy-needs-a-strategy\">\u201cYour Strategy Needs a Strategy\u201d<\/a>\u00a0penned by global strategy experts Martin Reeves, Knut Haan\u00e6s, and Janmejaya Sinha, \u201cthe internet software industry would be a nightmare for an oil industry strategist.\u201d<\/p>\n<p>Although a Boston Consulting Group survey found that 75% of executives understand the need to employ a strategy that matches their organization\u2019s specific requirements, many companies tend to favor predictable strategy approaches, even if those tactics\u00a0<i>don\u2019t<\/i>\u00a0align with their unique business environment, challenges, and goals.<\/p>\n<p>A common issue is that executives identify a\u00a0Big Hairy Audacious Goal\u00a0(BHAG) and set corresponding Key Performance Indicators\u00a0(KPIs), but find that their top priorities are no longer relevant in their chosen industry later down the road. Disruption has become a norm in the business world. If your company wants to scale up quickly and become one of the\u00a0<a href=\"https:\/\/techcrunch.com\/2013\/11\/02\/welcome-to-the-unicorn-club\/\">\u201cunicorns\u201d<\/a>\u00a0or billion-dollar start-up companies, you need to be prepared to adapt your business strategy.<\/p>\n<p>In light of the vast amount of start-ups and new ventures in the business world today, the ability to create a strategy to suit your business\u2019s objectives and adapt as needed is key. Many formerly-successful companies\u00a0have seen failure in recent years\u00a0because they are unable to adapt their business strategies or\u00a0inspire innovative thinking in their organizations.<\/p>\n<p>Your first step in drafting a business strategy that will lead your company to success is to consider the predictability and malleability of your industry. Based on those specifications, you can evaluate whether your style should be classical, adaptive, shaping, or visionary\u2014four styles as described in the HBR article.<\/p>\n<p>More so than ever, guides are emerging to help leadership teams create successful business strategies for a variety of industries and styles. Business strategists have explored the potential of\u00a0alternative digital business strategies\u00a0and looked at\u00a0<a href=\"http:\/\/www.raconteur.net\/business\/learn-adapt-or-steal-a-strategy-for-growth\">what we can learn from existing strategies<\/a>\u00a0that started off as unique, such as the \u201cfreemium\u201d model or surge pricing.<\/p>\n<p>Luckily, there are a variety of resources available to help entrepreneurs\u00a0<a href=\"http:\/\/www.businessnewsdaily.com\/5696-pivot-business-strategy-shift.html\">\u201cpivot\u201d<\/a>\u00a0and adapt their business strategy as necessary to accommodate new obstacles and objectives. \u00a0When you\u2019ve established that you need to pivot, either due to changes in customer preferences, your market or competition, these\u00a0<a href=\"https:\/\/www.entrepreneur.com\/article\/229417\">sources of information<\/a>\u00a0can help you be flexible and adapt quickly.<\/p>\n<p>For companies hoping to implement the Rockefeller Habits to scale up quickly, the ability to adapt is more necessary than ever. When you\u2019ve completed your\u00a0strategic one-page plan\u00a0and are in the process of maintaining alignment to your stated goals, changing your priorities can seem antithetical. Yet, by incorporating the other fundamentals of the habits such as meticulously tracking data and enabling a frequent rhythm of communication, your company can stay poised to change as needed and adapt your strategies correspondingly.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":33,"featured_media":14172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[70,90,271,88,286,77],"tags":[71,73,68],"class_list":["post-27637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-planning","category-consistent-growth","category-growth","category-leadership","category-strategic-planning","category-strategy","tag-leadership","tag-scaling-up","tag-strategic-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.3.1 (Yoast SEO v27.2) - 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