Navigating 2024: How to Strategize Using the Both/And Business Model

It cannot be disputed that your cash cow may have brought your organization success in the realm of profit for years. But does that mean it will be the best business strategy to stick with throughout 2024? Truthfully, the answer here has always been “yes and no” because the reality is not rooted in Either/Or — It is Both/And world!

As new companies emerge and your well-established competition pursue new innovations, they are bound to bring new solutions to the table. You cannot afford to try to push the same old product or service alone when both your competition and the world is transforming around you!

If you have become one of those business owners who say to yourself, “I can either rely on what has worked in the past and count on it to continue to perform or I can abandon that success to pursue something completely new”, this is where your thought process changes.

The beauty of business is that many things can exist in complete unity, both to the benefit of your organization! The Both/And Principle allows you to better see the benefits of both situations and allows you to choose to pursue both in critically thought out ways. I want to give you some actionable ways to utilize this bountiful strategy in the new year and experience the results you have been aiming for.

Afraid to Abandon Old Ideas? Reinventing Them is the Better Option

I find that when trying to implement the Both/And Principle, several business leaders struggle with compartmentalizing products or services. For them, choosing either the old or the new allows for a clean break from the past by simply pulling the plug on the old to become a new organization.

Conversely, those that avoid anything new for fear of losing their cash cow are often even harder to help harness the Both/And Principle. Moving into a new arena sounds like stress to them, and because the tried-and-true methods have worked for them for so long, the concept of integrating something new into their workflow seems overly complicated.