How to prevent the expiration date of your business

With the speed of change accelerating, corporate longevity is on the decrease. By 2027 Innosight’s biennial Corporate Longevity Forecast has predicted that the average company will only last 12 years.

Why? Faster and more aggressive companies entering the market place, increasing amounts of disruptive start-ups, and high levels of merger and acquisitions activity, leading to more and more businesses reaching their expiration date.

The question is whether you are ready?

Think hard about your unique selling points (USP). Think about those potential disruptors to your industry. Are you doing what you have always done or are you open to new ideas, new concepts, and new ways of doing business? Too often companies that are profitable simply keep on doing what they have always done and fail to see the warning signs. They discount these signs or discredit them because the model is not a familiar one. Alternatively, they fail to research and adopt things that may be potentially innovative because of perceived risks.

At Elevate, we stress-test our client’s business assumptions, identifying weakness, threats, stakeholders, and opportunities. We look hard at your company and then we ask you hard questions about what you do, what your value is to the market and how your message resonates with your stakeholders.

We create robust 12-month strategies for our clients that detail a raft of ideas, concepts, platforms, communication channels and we wrap everything up with data, insights and, in some cases, specifically commissioned research. The simple fact is that strategies succeed when they lead to growth, a strong and competitive position in the market and a solid brand reputation. Often, we review these strategies on a six-month basis especially for those in highly agile market segments.

Don’t let your business reach its expiration date! Call us on (07) 3180 3666 and get a leg up on your competition by thinking hard about who you are, what you do and whether you will still be operating in 12 years.