Future-proofing business

A stick-to-one's-knitting approach could result in lost opportunity

Strategy prescriptions often focus on establishing, improving or expanding a business. But when the weather gets rough and the road gets so bumpy that the cart of business appears to turn turtle, these prescriptions fail. Jim Collins in How the Mighty Fail describes that the corporate demise happens in five steps. In the beginning, there is a lot of hubris, or dangerous levels of pride, over-confidence and arrogance, coming out of previous successes. This is followed with efforts to perpetuate legacy and doing more of what the company is used to. The problem only gets worse as leaders and management,