Channel Eye has joined forces with Royston Guest, leading Business Growth Coach and CEO/Founder of Pathways Global, in our column, ‘Ask the Business Coach’.
When external change outpaces internal adaptation, businesses often experience what’s known as organisational lag, the inside can’t keep up. This can lead to reduced competitiveness, employee disengagement, and customer churn.
Three key takeaways
- Don’t be a ‘Blockbuster’
- How relevant are you and your business?
- Be aware of marginal erosion.
Episode timestamps
- [1.15] History is full of businesses that missed the pace of change—think Woolworths, Blackberry, and Kodak. Over a span of 10 years, Blockbuster video stores had the opportunity to acquire start-up Netflix, but the Board never acted on it because they didn’t believe streaming would take off.
- [2.27] How relevant are you and your business right now? The relevance question shouldn’t be an annual question posed by Board members; it should serve as a daily reminder to stay proactive.
- [3.20] Marginal erosion occurs slowly, and you might not even realise it’s happening. Are you noticing talent leaving? Is customer retention increasing? Are new competitors making a mark in your space? The pace of external change may just be faster than your internal pace of change.
Do you have a question for the Business Coach?
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Missed a previous episode? Catch-up and watch the series here.
