Recently, Fran Tarkenton and his team at Biz Coaching On Demand reviewed an article by the magazine Fast Company entitled, “Death To Core Competency.” It is an article that discusses how companies such as Apple, Nike, and Netflix were able to improve business by changing their core approaches. In their review, Biz Coaching On Demand shared their thoughts on this article and how it can impact a small business such as your own.
When you think of companies like Apple, Nike, and Netflix, chances are your thought process is slightly different than it was even a few years ago. No longer does Apple focus solely on computers – they realized the changing landscape of the technological industry and now see 40% of sales coming from music on iTunes and phones. Nike has evolved from virtually just shoes to a complete brand. Just yesterday I saw a Nike bracelet that can track your exercise progress throughout the day. And Netflix basically destroyed Blockbuster by giving consumers an easy outlet for television and movies with help from the internet.
These are just a few examples of how a change in a business model can lead to great success. If your plan is working – great. That’s what the goal is. But these aforementioned companies were all doing pretty well too, before shifting to reach even bigger success. There’s a chance that as you build and grow your business, you’ll realize that a slight deviation in your sales plan or product might be beneficial. This is the type of creativity that can help take your business to the top.
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