No company can afford to operate like an island in the current ecosystem. You need to be aware of the potential changes coming to your industry and your market. You need to know what your competitors, suppliers and distributors are doing. By 2030, companies will need to do more than just build partnerships with other businesses. They will need to intertwine their business models and marketing strategies together.
Companies are working towards smaller and more agile groups of employees, and there will be value to be gained by partnering with competitors to use both of your resources to deliver a powerful product or service.
Toyota is a good example of a company that is working to seize this opportunity. With the rise of the self-driving car, Uber could be seen as a competitor for them. Instead of fighting to surpass Uber in the automated driving market, Toyota is in talks with Uber to explore the use of Uber’s technology in Toyota vehicles.
Regardless of the conclusion of these discussions, Toyota has opened up a bridge of opportunity for their company while minimizing a contender for their market. Together, they can accomplish more. With shared research, technology and testing, both companies save time and money in research and development. They can achieve the same success having spent less.
So, how can you use this kind of thinking for your own company? What competitors do you have that may be more beneficial to you if you are working together?
These are questions you need to think about now, to prepare for the future. Think outside the box of what you control within your company, and start thinking of who you could work with to expand your capabilities.
If you’d like to learn more about this and other ways to prepare for the future...
Judy partners with executives and leadership teams to engage and inspire employees in a way that delivers sustainable strategic results. She brings deep expertise and creative ideas to solve organizational effectiveness issues and closely collaborates in a way that builds internal capabilities. Judy has spent over 25 years consulting in a variety of industries, bringing her expertise in behavior to a wide range of organizational issues including organizational behavior change, leadership, change management, culture and engagement.