Businesses need to consider multiple strategies and adopt the “fail fast” principle to ensure investments are not wasted.
Speaking yesterday at the CommunicAsia20414 Summit, Nathan Bell, Telstra Global director of marketing, said the key to success in Asia is to move forward with multiple growth strategies concurrently. “When a strategy involves systems and communication platforms, investments are often needed that do not see a return for some years,” explained Bell.
“This can cause a challenge for businesses that then need to assess how they can mitigate risks to see a successful outcome overall. The ‘fail fast’ principle puts the management team in the driver’s seat, giving them the levers to shut down initiatives quickly if they are not working, with fewer losses.”
Businesses need to accept that failure can and will happen, added Bell, but by using a more effective approach they can easily move forward onto another strategy before the situation gets out of control.
He advised companies not to make the mistake of investing entirely in only one or two markets, as the unpredictability of certain countries could mean strategies fail due to internal challenges outside an organization’s control.
“It’s not about a business entirely restructuring the way it operates, it all boils down to being flexible and making sure multiple strategies are considered and prioritized effectively,” Bell noted.
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