Very sage advice indeed from “America’s ambassador of good cheer”
It really is important to keep moving in your business, keep looking at what’s coming down the tracks and from the sides, too. Complacency has been the downfall of far too many businesses and size is no guarantee of success – in fact, often the opposite.
Just 10% of the Fortune 500 companies on the first list in 1955 were still there last year, while companies on the S&P500 list are expected to have an average tenure of just 14 years by 2026. Yet you’d expect these corporate leaders to retain, and even strengthen, their positions…
The message here is clear – your strategy needs to evolve to meet changing conditions and even if you are the leader in your market now, you’re far from secure. Just look at the motor industry over the past few years, the airline industry this year, banking, shopping – they’re all changing dramatically!
So, make strategy discussions an agenda item in every board meeting and plan for a full day’s offsite, focused ‘Strategy Day’ for the board and executive team every year, too.
Your business needs this commitment.