Companies of All Sizes Need to Keep Competitive, Explains Lisaveta Ramotar
Regardless of industry, companies face competition. The only way to maintain a competitive edge is with ongoing strategic development. Lisaveta Ramotar, an executive with an MBA based in Toronto, discusses the importance of strategy.
Companies of all sizes will suffer if they fail to adapt to their new surroundings. Whether it is a change within their target audience, a pandemic, or even new technology, companies need to constantly address what is happening around them. Those who fail to adapt may find that they are no longer relevant within the marketplace.
Lisaveta Ramotar explains that strategic development should be ongoing. Companies should be meeting regularly to look at trends and identify how they can continue improving. Without ongoing development, companies often do not realize that they are in trouble until it’s too late to do something.
For years, Lisaveta Ramotar has worked in various developmental sectors, where due to her implementation of aggressive business initiatives she in one case assisted in increasing revenues by over 30 percent. She also helped to streamline operations and even proposed legislative changes within mining. It was her commitment to ongoing strategic development that helped to improve revenues.
Lisaveta Ramotar suggests that strategic thinking groups are created within a company. It allows a “think tank” to be created to focus on where the next big idea should come from. Once the ideas are laid out, they can move into a strategic design phase to determine which ideas can be implemented.
Through regular implementation of new ideas, companies can maintain their relevance. They can be considered the frontrunners of the industry. Consumers will look to them for the newest technology, the newest ideas, and the most up-to-date information.
Companies need to have an edge. Within every industry, there are stories of companies that continue to push the envelope and others who failed to adapt to their surroundings. Lisaveta Ramotar points to the entertainment industry. Blockbuster failed to adapt while Netflix and other companies chose to use a streaming platform and provide a digital service that people may not have known at the time that they wanted to use.