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During the pandemic of 2020, the world reeled as it struggled to understand an emerging disease that impacted the health of thousands and discover how to adapt to a lockdown economy. Many once-thriving businesses were unable to recover from the economic downturn. Lawrie and Tsetsekos address the fundamental question as to why it is that in times of uncertainty, some businesses thrive while others are forced to close their doors. The authors convey this by presenting the reader with a paradigm shift on a core element of business philosophy: that a good strategy, while necessary, is not the key, critical element to a business' success and value-add. In fact, it is reliant on five factors: a sound strategy, asset deployment, a financial model that supports the strategy and generates profit, executive leadership, and workplace culture. According to the book's teaching, in order for a business to survive in a global economy, particularly in times of instability, this model needs to be adopted.
One of the book's strengths is that it communicates this model in a pragmatic, straightforward, and logical manner for the reader. Furthermore, there are multiple illustrations that easily capture the essence of what is written, making it easy to grasp the concepts. Each chapter is dedicated to one of the five factors. Once that foundation has been laid for the reader, the last part of the book clearly demonstrates the impact of globalization and the pandemic on the standard business model. The authors have written a highly engaging and advantageous read that will particularly appeal to those pursuing their MBA or wishing to enhance their business acumen.
RECOMMENDED by the US Review