Old Formulas Won’t Help You Solve Today’s Business Problems

Formulas may be road-tested approaches to business challenges, but formulas have flaws. What worked yesterday might not be applicable or even plausible today. There are three primary weaknesses to relying on formulas to address business issues in a constantly changing environment: 1.) they don’t work the same in all contexts; 2) they can be replicated by the competition; and 3) they can have hidden risks. To manage a fluctuating business climate, companies need a different toolkit. Instead of relying on static formulas that worked in the past, organizations need to focus on changing the way people think. This requires focusing on refining people’s cognitive skills, so they can better identify, assess, and solve unique problems in unique ways. This article covers three ways that companies can sharpen cognitive skills in their own organizations. Because when we know how to adapt, we can position ourselves for future success in an unknown environment.