Cannibalize Your Core

In the new age of life and business one truth seems to persist, what we were yesterday need not be who we are today. The rate of change and revolution seems to be  faster than ever before.

A fundamental change around the rules of business seems to be the order of the day, what got you where you are may no longer be sufficient to get you where you desire to be. In a book by Bishop T. D Jakes titled SOAR,   there is a chapter called, "A new model of momentum" , where he wrote about how the knowledge and skills that got you here may not be able to carry you to your next destination. In fact all you need is a new set of wings, for the new ever-changing world. 

We need to be so good at what we do or our "job" that in the conversation there is US and everybody else. Take a Coca-Cola and Pespsi for example, I was going through one case study about their companies and the researcher wrote "The major market for soft drinks is overpowered by Pepsi Co and Coca-Cola company. The small number of other private labels is insignificant for Pepsi Co & Coca-cola in the industry  ..". They are not heavily affected by any new entrants in the makert because they simply are the best and offer reputable and trusted products and services. 

A re-imagination of our businesses and our business models is  not only necessary but is vital and can often lead to our survival at uncertain times. Many campanies who were once whales in their area of business are today just another small fish because they failed to reimagine, they remained in their old ways and unfortunately could no longer be 1st preference for consumers. 

Kodak in the late 1980's started experimenting with digital photography and they worked on it till they got the technogy right. One problem though, their main source of revenue was the production of film and they knew that if the digital photography experiment was a success their business would have to cannibalize its core. The production of film would no longer be what they are known for but what they were once known for, their business needed to let go of their old identity and adopt a new one. The biggest lesson here is this, to the extent to which we are not willing to go, somedody else is willing to go and offer the necessary solution. 

Take businesses that were once the leaders in their industry e.g. Nokia & Blackberry, These two companies were once giants until I believe they failed to cannibalize their core fast enough. They did this slowly because they were still very much stuck on what made them who they are, and maybe they just did not want to lose their identity. On the contrary companies like Samsung have been able to absorb their core fast enough and not be stuck on what made them win today. 

A changing world requires a shift in our thinking and our focus, a relatively new company in the same line of business as the companies mentioned above called Huawei has been able to practise cannibalizing their core and they have a culture of being "fast - followers" and they for lack of a better word they are able to copy their competition's moves and even beat them in speed, price and often have just the same quality as a Samsung or an i-phone. This makes them an option of choice, all you need to beat your competition is to be BETTER, CHEAPER and FASTER and they tick all the boxes. 

I do not know what business you may be in but one thing is for sure, you need to keep changing as the needs of the consumer change. If you change too slow you may lose consumers who no longer want second best but they want absolutely the best money can buy. Those who offer substandard products and services will soon be out of business as the 21st century consumer demands more for their money and to the extent to which you are not willing to listen somebody will. Whether you are in Financial Services, IT, or logistics you need to keep your ear on the ground and keep up with the new needs on an ever-changing consumer and world. 

I once watched a Steve Harvey talk on YouTube, where he was talking about how he used to work in a faundry where they made car engine blocks. Now follow me very carefully on this, he said they used old scrap metal and melted it down then poured it into a mold, to create what would be the new engine block. I want you to take one thing from this, the old scrap is given a new lease of life, it is reimagined and turned into something new because nobody really wants something old. In your business do not be scared to melt down the old scraps that made you the best yesterday to give birth to what will make you the best tomorrow. 

Kerry Healy the president at Babson College once said "my advice to any entrepreneur is do not be discouraged if the business you end up with is not the one you started out to persue". Do not fear change instead be the change, this is very vital to your success in business. More can be learned & achieved from a pivot than being stuck in our old ways.