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Join Chris Zook, a partner at Bain & Company and a best-selling author, as he reveals how businesses can breathe new life into their core strategies. He discusses three critical signs that indicate it's time for transformation. Zook shares insights on Fortune 500 companies adapting to crises and highlights examples like Home Depot and De Beers. He emphasizes the importance of unearthing hidden assets within organizations to fuel growth and the practical steps for CEOs to navigate turbulent times effectively.
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Quick takeaways
- Recognizing industry profitability shifts and competition from new business models are crucial indicators that a company's core business may need transformation.
- Identifying and leveraging hidden assets like customer relationships and brand reputation can unlock new growth opportunities and enhance competitive advantage.
Deep dives
Redefining Core Business for Growth
Redefining the core business becomes essential as traditional growth formulas reach their limits, with a significant increase in companies facing this challenge. Recent findings indicate that two-thirds of companies may need to redefine their core business within the next decade, a stark rise from one in two companies that faced similar pressures two decades ago. Executives often struggle with this dilemma, as they must recognize the signs that indicate impending stagnation or decline in profitability. Understanding the timing for redefinition is crucial, as failing to adapt can lead to acquisition, bankruptcy, or a total loss of market relevance.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode