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Stage 7 challenge: adapting to a rapidly changing marketplace

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Known as the Visionary Stage, one of the top five challenges Stage 7 businesses struggle with is a marketplace that is rapidly changing. With between 161-350 employees, the business has grown to a point where it is no longer quick and nimble like it was when it was smaller. To remain competitive, the organization must be able to methodically identify and pursue market opportunities.

Typical Symptoms

The typical symptoms that can be found in a company that is struggling with a marketplace that is rapidly changing include:

  • historically strong offers aren't as popular anymore

  • difficulty understanding the real needs of today's customers

  • customers’ needs seem to have changed dramatically

Key Elements to Address the Challenge

The Organizational ReWilding framework is composed of 11 Elements. Each one is integral to the health and full functioning of a business. When a business is struggling with a rapidly changing marketplace, there are three elements that should be implemented to address the challenge.

  1. Ensuring Business Development Structure encourage Marketing, Sales, and Customer Service to work together using synergistic strategies. 

  2. Revitalizing the Business Model optimizes margins and confirms key structures and assumptions. 

  3. Reinvigorating Key Performance Indicators ensures every employee is contributing to at least one metric that is keeping the organization headed in the right direction. 

Why this Challenge Must be Resolved

A Stage 7 company has grown to this point thanks in part to successful products or services that resonate with the marketplace. When that no longer proves to be the case, the company must adapt or face shrinking revenue. With significantly more people than it had before, a Stage 7 company typically has trouble adapting quickly to new feedback from the marketplace. By relying on the structure provided by these three Elements, the business can confidently keep moving forward. It doesn’t have to stop and reassess everything, just focus on the areas that are going to address this common challenge.

To get help with implementing the three Elements recommended in this article, contact The ReWild Group or check out our Element Guidebook Series. Not sure what Stage of Growth your business is in? Use the Stage Calculator to find out!