Growth is becoming increasingly difficult to achieve. Today, and for the foreseeable future, companies will battle with strategic imperatives that are putting increasing pressures on the growth they so desperately need. Frost & Sullivan has identified eight strategic imperatives that your team must fully embrace to understand the complexity of critical decisions: Innovative Business Models, Industry Convergence, Disruptive Technologies, Geopolitical Chaos, Competitive Intensity, Internal Challenges, Transformative Mega Trends, and Compression of Customer Value Chain.
Each imperative individually represents an uphill climb, but when combined, represent a relative Mount Everest that must be navigated to reach a growth summit. Here are four best practices to drive your growth pipeline during the current COVID-19 climate.
Best Practice #1: Know Your Numbers (facts)
COVID-19 has significantly impacted the growth environment in virtually every market. For some, those numbers are a positive net effect (albeit unwelcomed growth), provisioned by the accelerated uptake in technologies such as video collaboration. That market, for example, was growing at a CAGR of 17.2% prior to COVID-19. It has now accelerated to 24.6%. But not all markets have reacted this way. The average market price in the energy industry changed dramatically through the first 150 days of the pandemic, dropping -38.5%. Thus, with this shift, you have to refocus, revisit your original plans, and reinvest into optimal areas of growth. There is no doubt we are seeing fundamental profit pools shifting across respective value chains, and your organization will survive and thrive based on knowing your “new†numbers.
Schedule a consultation with an industry expert at no charge by contacting us at myfrost@frost.com. We are taking unprecedented action to make our team available to help you cut through the media and politics to get factual one-to-one guidance for the issues and opportunities that matter most to your business.
