All companies attain a point where their business reaches a stagnant growth. It is up to the managers in an organization to perceive an opportunity or a disruptive change in the market. They need to have a creative mindset, motivation, and out of the box thinking skill set. Whatever the business model is in their retail business, there is always room for growth and expansion which eventually will lead up to scaling up the business. Whatever the country constraints, regulations, rules and others are, managers must always find a way to break the rules of the game and start a strategic innovation. 

 

How to innovate your existing retail business model and create value to gain a competitive advantage?

 

Manager must: 

•  Redefine their existing business model (Who, What, How)

•  Identify the gap in their industry positioning 

•  Question the assumptions and methodology 

•  Change the organizational environment behavior 

•  Run multiple experiments 

• Apply the OIIIC and organizing ideas strategic framework (objective, issue, insight, the challenge of the business)

 

Eventually, by following some of the tips above, managers will extract the maximum of growth and value creation in their existing business. Companies will differentiate themselves from their competitors and traditional growth such as R&D and acquisition.

 

About the Author

 

Ihab Tabbara is a graduate from London Business School. Having gained his MBA with a student award he went onto specializing in strategy, marketing, and creativity. He has an entrepreneurial mindset and is a creative thinker, and has accumulated over 22 years of first-hand experience in running a successful multi-site operation in the retail industry. Having established and managed a retail business from concept to becoming it’s General Manager, he has been involved in all aspects of the retail industry from supply chain management, business development, strategic planning, and leadership. He successfully grew the business to 40 showrooms operating within the MENA region and trading in Saudi Arabia, Lebanon, Egypt, Syria, and the UAE.