James Cash, the founder of JC Penney, famously once said: "No company can afford not to move forward. It may be at the top of the heap today but at the bottom of the heap tomorrow, if it doesn’t.”
In today’s day and age, this couldn’t be more true.
Digital technology has radically changed the behavior of individuals, corporations, and entire societies. In fact, disruption seems to be the new normal. Today’s CEOs are faced with the dual challenge of protecting their backyards from upstarts and incumbents, while simultaneously devising strategies that will guide their growth for years to come.
In my latest for MIT’s Sloan Management Review, my colleague Didier Bonnet and I argue that traditional approaches to growth strategy are no longer sufficient in ensuring the continued growth and sustainability of your company.
But if the way we’ve always approached planning for growth no longer works, is there a better way?
Yes, there is. Companies need to reframe the way strategy is formulated around three fundamental future-focused truths, and plot their next steps accordingly.
To learn how to embrace and own these truths, read my latest in MIT’s Sloan Management Review.