4. It’s much less fun tocompete when growth slows
4. 增速放缓时竞争就不那么有趣了
Growth is great, but when the naturaltrajectory of growth slows, you’ve got to compete on price and other features. That’s much lessfun, because you’re now fighting a zero-sum game for market share points, and it’s much lesslucrative.
增长是件好事,但是当自然增长开始放缓时,你就不得不在价格和其他方面开展竞争。这就不那么有趣了,因为你的竞争目标是市场份额,零和游戏的利润并不好。
Not only is your business strategy tougherto pull off when growth slows, but a company’s addiction to meeting and beatingmarket expectations (remember the score sheet, aka, the stock market?) createsall sorts of negative side effects. Cost cutting starts to dominate, forinstance. That’s not necessarily a bad thing … until it becomes the go-tostrategy to push earnings per share growth. There are natural limits to costcutting, because at some point you start to lose great talent, cut back on newinitiatives and push out other priorities. For example, the disastrous Gulf oilspill in 2010 was triggered, at least in part, by BP’s maniacalattention to cost cutting.
当增长放缓时,不仅你的商业战略会难以奏效,而且当企业对达到并超过市场预期上瘾时(还记得打分表,即股票市场吗?),这会带来各种各样的副作用。比如,削减成本开始主导。这未必是件坏事……除非企业依赖这一战略以促进每股盈利的增长。从根本上讲,削减成本是有上限的,因为到了一定程度,你就会开始损失人才,减少新项目并放弃其他优先事项。比如,2010年墨西哥湾漏油事故的部分起因就是英国石油疯狂削减成本。
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