Reinvent yourself through Strategic Consulting

One of the greatest Strategic Consulting stories came from an in-house situation.

We all remember Corning Cookware.

One of the largest companies making cookware in North America.

When it became all too clear that competition was on the rise, sales were on a decline, and the economy wasn’t so hot, Corning had a company meeting. In that meeting they asked each employee the following question,

“What other items can we make with our existing equipment.”

The management wanted them to come up with 100 different avenues that they could go down, using their existing resources.

Did you know that in recent years, Corning became one of the largest manufacturers of fiber-optic cable in the world?

Fiber-optic is tiny strands of glass. The same equipment that made their glass cookware was retooled to make strands of glass.

How about your company. When is the last time you and the members of your management have asked yourselves…

Using our same resources…

“What else can we do?”

“What else can we make?”

“Who else can we help?”

“What other interests can we serve?”

“What other industries could we sell to?”

When you force yourself to come up with 20 – 100 ideas, it is incredible the “acres of diamonds” you are sitting on.

On a much larger note. Many businesses get passed down to the next generation, but at some point, many businesses get sold. Companies can command a much higher selling price when the buyers can see that there are 2 to 3 “S-Curves” or new products or services in the pipeline.

Imagine when VHS players first came out. We heard about them in the mid to late 70′s. They were invented in the early 50′s. We certainly wouldn’t get into the VHS business today, because of the popularity of the DVD. Actually, the DVD, at the time I’m writing this is also starting to wain because of the demand for direct streaming and stored media.

The Point is simple.

Are you still selling a VHS tape, or is your company continually re-inventing itself.

-Ken
Growth Consulting for Today