You didn't see that coming

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“It’s going to be vicious”

“ A race for the ages”

Brit, Josh Kerr and Norwegian, Jakob Ingebrigtsen are athletic’s hottest rivalry.

This is how their Paris Olympic 1500m final was trailed

In an Olympiad that gave us so many exceptional performances, this thrilling contest stands out for me , as the most memorable.

Why?

It was a full on slugfest from the starting gun.

The winner set a new Olympic record time.

But it was the American 37/1 outsider, Cole Hocker who stunned the favourites to win the gold.

Kerr, World Champion, took the silver, but Ingebrigtsen, defending his Olympic title, finished out of the medals in fourth place.

He didn’t see it coming !

He had led a fast pace from the start to thwart Kerr’s faster final sprint.

Coming off the final bend, with Kerr on his shoulder, he pushed out from the kerb to force his rival wide. As he strained in vain to stay ahead, Hocker charged through in the inside gap he had left.

The times of the first three were all personal bests.

A high quality contest, won by a competitor whose real threat wasn’t seen until too late.

What are the parallels in the business arena?

During a coaching session last week, I put this question to a CEO client.

He told the story of Blackberry who saw Nokia as their main competitor.

They were blind to the iPhone threat, whose playful features they saw targeted at a younger audience. Today, Blackberry no longer makes phones and iPhones are the biggest global sellers.

Blackberry are not alone.

Other high profile companies, blindsided by emerging competition, include:

• Kodak focused on traditional competitors like Fujifilm. They were too slow to respond to the digital camera revolution led by Sony and Canon. They went bankrupt in 2012.

• Blockbuster Videos saw its main threat coming from other physical rental chains and stores. Netflix began as a DVD mail rental service but quickly transitioned to streaming. Blockbuster filed for bankruptcy in 2010.

Some key lessons for business leaders drawn from these examples

1. Constantly Challenge Assumptions

   Companies get blindsided when they cling to outdated assumptions about their industry, their business and their customers.

   So regularly challenge what you take for granted about what makes your business successful.

2. Look Beyond Your Traditional Competitors

   Don’t get tunnel vision and only focus on traditional competitors

   Nowadays, your biggest threats often come from outside your industry or from companies that redefine industry boundaries .

3. Continuous Learning and Development

   The business environment is continually evolving and so should the skills and knowledge of business leaders.

   Prioritise continuous learning and professional development for yourself and your team. Stay informed about industry trends, technological advancements and best practices in management.

In summary, stay curious, be adaptable, never become complacent.

Continuously questioning how your business best operates, who your real competitors are and what the future might hold.

Doing this can help prevent your getting caught off-guard by a competitor coming up on your blind side

What about you?

Do you recognise any of these challenges ?

Get in touch to arrange a conversation if you are curious about leading organisations that are vigilant , adaptable and never complacent.

I hope you found this edition of my newsletter useful. If you have colleagues or associates who you think would also find it useful, please forward it to them.

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‘Til next time.

John