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?
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.
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