3 Signs Your Business Model is on Fire
What are the ways you can recognize warnings in real-time that your business is under attack? Business consultant Rita McGrath offers three such signposts in the latest issue of Harvard Business Review. They are:
1. Fewer innovations. The first sign is when next-generation innovations offer smaller and smaller improvements. “If your people have trouble thinking of new ways to enhance your offering, that’s a sign,” McGrath says.
2. Customers tell you. If you listen to your customers, they will be happy to tell you when new alternatives are increasingly acceptable to them.
3. Bottom line problems. Problems start to show up in your financials or other performance indicators.
Rita McGrath’s most recent Harvard Business Review article is cited here.
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