The pandemic has been a perfect storm for many of us to cover up our troubles, but what if our business has always been in trouble and we just don’t realize it? While it might be convenient to blame the pandemic, these businesses were already struggling, having missed major inflexion points in consumer preference, shopping habits and cost dynamics. It’s common in business to overshoot what customers really need—too much tech, too many features in offerings—and charge them more. This is a signal that you need to stop whatever you are doing and take a hard-nosed look at the health of your business. Rita McGrath & M. Muneer are, respectively, professor at Columbia Business School and founder of Valize; and co-founder as well as chief evangelist of Medici Institute.

Source: Mint August 15, 2021 15:33 UTC