To remain relevant and profitable, businesses need to respond to market changes by transforming one or more aspects of their business model. Sounds obvious, right? If you sell red widgets and there is an increasing demand for blue widgets, it’s a no-brainer that you need to expand your product range. Surprisingly, however, many companies don’t respond in this way. Instead, they bury their heads in the sand, hoping that the demand for blue widgets will die out and the demand for red widgets will remain steady. This resistance to change will inevitably lead to lower market relevance and profitab ..read more