Fundamentals

The relentless hum of the marketplace often whispers a singular, urgent command ● move faster, innovate louder, and never, ever pause. This mantra, while potent in certain contexts, overshadows a less celebrated but equally powerful business instrument ● strategic stillness. Consider the small bookstore, nestled in a rapidly changing urban landscape, that chose not to chase fleeting trends or aggressively expand online.

Instead, it doubled down on what made it unique ● knowledgeable staff, curated selections, and a community-centric atmosphere. This act of strategic stillness, a conscious decision to resist the pervasive pressure to constantly morph, reveals a counterintuitive pathway to business advantage, especially for Small and Medium Businesses Meaning ● Small and Medium Businesses (SMBs) represent enterprises with workforces and revenues below certain thresholds, varying by country and industry sector; within the context of SMB growth, these organizations are actively strategizing for expansion and scalability. (SMBs).

Recognizing the Noise ● The Case for Pausing

In the daily whirlwind of SMB operations, it’s easy to get swept up in the cacophony of immediate demands. Social media algorithms scream for constant content. Competitors launch new features, sparking a race to match. Market analysts predict the next disruptive trend, urging businesses to adapt or perish.

This constant barrage of external stimuli can create a state of perpetual reactivity, where decisions are driven by noise rather than genuine strategic insight. Imagine a local restaurant, bombarded with advice to jump on every food fad ● from molecular gastronomy to unicorn lattes. Chasing each trend dilutes their brand, confuses their customers, and ultimately exhausts their resources. Strategic stillness, in this scenario, becomes an act of defiance against the noise, a deliberate choice to step back, listen to your own internal compass, and make decisions based on considered judgment, not knee-jerk reactions.

Strategic stillness is not about inaction; it is about purposeful reflection amidst the chaos, enabling SMBs to make informed decisions aligned with their core values and long-term goals.

Defining Strategic Stillness for SMBs

Strategic stillness, within the SMB context, does not equate to inactivity or stagnation. It’s not about ceasing operations or ignoring market dynamics. Instead, it’s a deliberate and temporary deceleration, a calculated pause to reassess, recalibrate, and refocus.

Think of it as the business equivalent of a mindful pause in a hectic day ● a moment to breathe, center yourself, and gain clarity. For an SMB, this might manifest as a period of ●

1. Operational Consolidation ● Streamlining existing processes, eliminating inefficiencies, and ensuring current systems are running optimally before adding new layers of complexity.
2. Market Re-Evaluation ● Taking a step back to analyze current customer needs, competitor actions, and broader market trends with a fresh perspective, free from the urgency of immediate response.
3. Internal Assessment ● Evaluating the strengths and weaknesses of the business, the capabilities of the team, and the alignment of current activities with long-term aspirations.
4. Strategic Refinement ● Adjusting the overall business strategy based on insights gained during the period of stillness, ensuring future actions are more targeted and impactful.

Strategic stillness, therefore, is an active, thoughtful process, not a passive state of inertia. It’s a strategic tool, deployed intentionally to enhance clarity and improve decision-making within the often-turbulent environment of SMB operations.

Practical Advantages ● Why Stillness Benefits SMBs

The benefits of strategic stillness Meaning ● Strategic Stillness, in the realm of Small and Medium-sized Businesses, signifies a deliberate pause in operational tempo. for SMBs are numerous and directly address common challenges faced by smaller businesses. In a landscape where resources are often limited and competition is fierce, stillness can provide a crucial edge. Consider these practical advantages:

Enhanced Resource Allocation

SMBs typically operate with leaner budgets and smaller teams than larger corporations. Every dollar and every hour must be used wisely. Strategic stillness allows for a more critical evaluation of resource allocation. Are marketing dollars being spent effectively?

Is the team focused on the most impactful tasks? By pausing to analyze, SMBs can identify areas of waste, reallocate resources to higher-priority activities, and ensure that every investment contributes directly to business goals. Imagine a small manufacturing company that, instead of immediately investing in new machinery, paused to analyze its current production process. They discovered bottlenecks and inefficiencies that, once addressed, significantly increased output with existing equipment, saving them a substantial capital expenditure.

Improved Decision Quality

Reactive decision-making, driven by external pressures, often leads to suboptimal outcomes. Strategic stillness creates space for more thoughtful and informed decisions. By stepping away from the immediate fray, SMB owners and managers can gain a broader perspective, consider different options, and evaluate potential consequences more thoroughly.

Think of a retail boutique owner considering expanding into e-commerce. Instead of rushing into an online store, strategic stillness allows them to research different e-commerce platforms, analyze online customer behavior, and develop a well-defined online strategy that complements their existing brick-and-mortar business, rather than cannibalizing it.

Boosted Innovation and Creativity

Counterintuitively, stillness can be a catalyst for innovation. The constant pressure to act can stifle creativity, leading to incremental improvements rather than breakthrough ideas. Strategic stillness provides the mental space for reflection, brainstorming, and exploring unconventional solutions. When the mind is not constantly occupied with immediate tasks, it’s free to wander, connect disparate ideas, and generate novel approaches.

Consider a small tech startup struggling to differentiate its product in a crowded market. By implementing strategic stillness ● perhaps through dedicated brainstorming sessions or even a company retreat focused on blue-sky thinking ● they might uncover entirely new product features or market segments they had previously overlooked.

Strengthened Brand Identity

In the rush to keep up with trends, SMBs risk diluting their brand identity. Strategic stillness allows for a conscious and deliberate cultivation of a unique brand. By pausing to reflect on core values, target audience, and competitive differentiation, SMBs can refine their brand messaging, strengthen their market positioning, and build a more authentic and resonant brand.

Think of a local coffee shop that, instead of constantly changing its menu to match every passing coffee trend, focused on perfecting its signature blends and creating a consistent, welcoming atmosphere. This stillness in brand evolution allowed them to build a loyal customer base who appreciated their authenticity and consistency.

Enhanced Team Morale and Productivity

The relentless pace of modern business can lead to burnout and decreased productivity. Strategic stillness, by its very nature, can reduce stress and improve team morale. A period of consolidation and reflection can provide employees with a sense of stability and purpose, reducing the feeling of constantly chasing after the next urgent task. Furthermore, by streamlining processes and improving resource allocation, strategic stillness can lead to a more efficient and less frantic work environment, ultimately boosting overall productivity.

Imagine a small marketing agency that implemented strategic stillness by pausing new client acquisition for a month to focus on improving internal workflows and providing professional development for their team. This period of stillness not only improved team skills but also boosted morale and reduced employee turnover in the long run.

Implementing Strategic Stillness ● Practical Steps for SMBs

Integrating strategic stillness into SMB operations Meaning ● SMB Operations represent the coordinated activities driving efficiency and scalability within small to medium-sized businesses. requires a deliberate and structured approach. It’s not about simply slowing down; it’s about slowing down with purpose. Here are some practical steps SMBs can take:

Schedule Regular Review Periods

Just as larger corporations have quarterly or annual reviews, SMBs should schedule regular periods of strategic stillness. This could be monthly, quarterly, or even semi-annually, depending on the pace of the industry and the specific needs of the business. These review periods should be dedicated to stepping back from day-to-day operations and focusing on broader strategic questions. Schedule these periods in advance and treat them as non-negotiable appointments, protecting them from the usual demands of daily business.

Conduct SWOT Analysis Regularly

A classic business tool, SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) becomes particularly powerful during periods of strategic stillness. It provides a structured framework for evaluating the internal and external environment of the business. During a stillness period, conduct a thorough SWOT analysis, involving key team members to gather diverse perspectives. This analysis will highlight areas for improvement, potential opportunities to capitalize on, and threats to mitigate, informing strategic adjustments.

Seek Customer Feedback Proactively

Strategic stillness is an ideal time to proactively seek customer feedback. Instead of just reacting to complaints, actively solicit input on what customers value, what they find lacking, and what improvements they would like to see. This can be done through surveys, focus groups, or even informal conversations.

Customer feedback provides invaluable insights into market needs and preferences, guiding strategic decisions during and after the stillness period. Use this feedback to refine products, services, and customer experience.

Invest in Team Training and Development

Periods of strategic stillness can be used to invest in the team. Dedicate time and resources to training and development programs that enhance employee skills and knowledge. This could include workshops, online courses, or even bringing in external experts for in-house training.

Investing in the team not only improves individual capabilities but also boosts overall organizational capacity and prepares the business for future growth and challenges. A skilled and engaged team is a crucial asset that benefits directly from periods of strategic stillness.

Analyze Key Performance Indicators (KPIs)

Data-driven decision-making is essential for SMB success. Strategic stillness provides the opportunity to delve deeply into key performance indicators Meaning ● Key Performance Indicators (KPIs) represent measurable values that demonstrate how effectively a small or medium-sized business (SMB) is achieving key business objectives. (KPIs). Analyze sales data, marketing metrics, customer acquisition costs, and other relevant KPIs to identify trends, patterns, and areas of concern.

Use this data analysis to inform strategic adjustments and set realistic, data-backed goals for the future. Don’t just collect data; take the time during strategic stillness to truly understand what the data is telling you about your business.

Strategic stillness, when implemented thoughtfully, becomes a powerful tool in the SMB arsenal. It’s a counter-narrative to the relentless pressure of constant motion, offering a pathway to clarity, improved decision-making, and sustainable growth. For SMBs navigating the complexities of the modern marketplace, sometimes the most strategic move is to simply pause, reflect, and then act with greater purpose.

Intermediate

The entrepreneurial landscape often glorifies relentless hustle and disruptive innovation, painting stillness as stagnation. Yet, beneath the surface of frenetic activity, a more considered approach, strategic stillness, can offer significant advantages, particularly for Small and Medium Businesses navigating the complexities of growth and automation. Consider the mid-sized software company that, amidst pressure to constantly release new features, decided to dedicate a quarter to optimizing their existing platform’s performance and user experience. This deliberate pause in feature development, a strategic act of stillness, resulted in increased customer satisfaction, reduced churn, and ultimately, a stronger foundation for future innovation.

Beyond Reactive Hustle ● Strategic Stillness as a Deliberate Strategy

Many SMBs operate in a perpetual state of reaction, driven by immediate market demands, competitor moves, and the ever-present pressure to scale rapidly. This reactive hustle, while sometimes necessary for survival, can lead to a fragmented approach, diluting resources and hindering long-term strategic goals. Strategic stillness, in contrast, is a proactive and deliberate choice to temporarily step back from the day-to-day whirlwind and engage in focused reflection and recalibration. It’s not about passivity; it’s about intentionally creating space for strategic thinking amidst operational demands.

Imagine a growing e-commerce business overwhelmed by order fulfillment challenges and customer service inquiries. Instead of simply hiring more staff to cope with the increasing volume, strategic stillness prompts them to analyze their processes, identify bottlenecks, and implement automation solutions that streamline operations and improve efficiency. This proactive pause, this strategic stillness, addresses the root cause of the problem rather than just treating the symptoms.

Strategic stillness, at the intermediate level, transcends mere reflection; it becomes a structured methodology for SMBs to optimize operations, refine strategies, and build a resilient foundation for sustainable growth Meaning ● Sustainable SMB growth is balanced expansion, mitigating risks, valuing stakeholders, and leveraging automation for long-term resilience and positive impact. through informed automation and implementation.

Strategic Stillness and SMB Growth Trajectories

SMB growth is rarely linear. It often involves periods of rapid expansion followed by plateaus or even temporary contractions. Strategic stillness becomes particularly valuable at these inflection points. During periods of rapid growth, it allows SMBs to consolidate gains, ensure operational infrastructure can support increased scale, and prevent growing pains from derailing progress.

During plateaus or contractions, it provides an opportunity to reassess market positioning, identify new growth avenues, and adapt strategies to changing market conditions. Consider these growth trajectory scenarios and how strategic stillness can be advantageous:

1. High-Growth Phase ● Strategic stillness enables process optimization, team scaling, and infrastructure upgrades to sustain rapid expansion without sacrificing quality or customer experience.
2. Plateau Phase ● Strategic stillness facilitates market diversification analysis, new product/service development, and competitive landscape reassessment to reignite growth momentum.
3. Contraction Phase ● Strategic stillness allows for cost optimization, operational streamlining, and strategic realignment to navigate economic downturns or market shifts and emerge stronger.

Strategic stillness, therefore, is not a one-size-fits-all approach but a flexible tool that can be adapted to different stages of SMB growth, providing tailored benefits at each phase.

Automation as a Catalyst for Strategic Stillness

Automation, often perceived as a driver of constant motion and increased speed, can paradoxically be a powerful enabler of strategic stillness. By automating routine tasks and operational processes, SMBs free up valuable time and resources for strategic thinking and planning. Automation reduces the burden of repetitive manual work, allowing business owners and managers to step back from the operational trenches and focus on higher-level strategic initiatives. Consider how automation can facilitate strategic stillness in different SMB functions:

Automation, therefore, is not merely about doing things faster; it’s about creating the space for strategic stillness, enabling SMBs to work smarter, not just harder.

Implementation Framework ● Integrating Stillness into SMB Operations

Implementing strategic stillness effectively requires a structured framework that integrates it seamlessly into SMB operations. It’s not about randomly pausing activities; it’s about creating a systematic approach to reflection and recalibration. Here’s a practical implementation framework:

Define Stillness Objectives

Before initiating a period of strategic stillness, clearly define the objectives. What specific business challenges or opportunities will this stillness period address? Are you aiming to optimize operations, refine strategy, explore new markets, or enhance team capabilities?

Clearly defined objectives provide focus and direction for the stillness period, ensuring it yields tangible results. For example, an objective could be “to optimize customer onboarding process to reduce churn by 15% within the next quarter.”

Establish a Stillness Cadence

Determine the appropriate cadence for strategic stillness periods. For some SMBs, quarterly stillness periods may be suitable; for others, semi-annual or annual periods might be more appropriate. The cadence should align with the pace of the industry, the business lifecycle, and the company’s strategic planning Meaning ● Strategic planning, within the ambit of Small and Medium-sized Businesses (SMBs), represents a structured, proactive process designed to define and achieve long-term organizational objectives, aligning resources with strategic priorities. cycle. Establish a regular schedule for stillness periods and communicate it clearly to the team, ensuring it becomes an integral part of the operational rhythm.

Allocate Dedicated Resources

Strategic stillness requires dedicated resources, including time, personnel, and potentially budget. Assign specific team members to lead and participate in stillness initiatives. Allocate time within their schedules for reflection, analysis, and planning activities.

Consider setting aside a small budget for external consultants, training programs, or research tools that can support the stillness period objectives. Treat stillness as an investment, not an interruption, and allocate resources accordingly.

Utilize Data-Driven Analysis

Strategic stillness should be informed by data. Leverage business analytics tools and reporting systems to gather relevant data on key performance indicators, market trends, customer behavior, and operational efficiency. Analyze this data to identify areas for improvement, opportunities for growth, and potential risks to mitigate.

Data-driven insights provide a solid foundation for strategic decision-making during and after the stillness period. Ensure data analysis is focused on the defined stillness objectives.

Foster a Culture of Reflection

Strategic stillness is not just a process; it’s a mindset. Foster a company culture that values reflection, critical thinking, and continuous improvement. Encourage employees at all levels to contribute to stillness initiatives, share their insights, and challenge existing assumptions.

Create forums for open dialogue and constructive feedback. A culture of reflection ensures that strategic stillness becomes an ongoing practice, not just a periodic event.

Measure and Iterate

After each period of strategic stillness, measure the outcomes against the defined objectives. Did the stillness period achieve its intended results? What lessons were learned? What adjustments need to be made for future stillness periods?

Treat strategic stillness as an iterative process, continuously refining the approach based on experience and results. Track key metrics before, during, and after stillness periods to quantify the impact and identify areas for optimization.

Strategic stillness, when implemented with a structured framework and a commitment to continuous improvement, becomes a powerful strategic asset for SMBs. It enables them to move beyond reactive hustle, optimize operations through informed automation, and build a resilient foundation for sustainable growth in an increasingly dynamic and competitive marketplace.

Advanced

The contemporary business ethos, particularly within the Small and Medium Business (SMB) sector, often equates progress with perpetual motion, valorizing agility and responsiveness above all else. This relentless pursuit of dynamism, however, can obscure the profound strategic advantages inherent in periods of deliberate stillness. Consider the case of a specialized manufacturing SMB that, facing pressure to diversify into adjacent markets, opted instead for a period of intensive process refinement and technological upgrading within their core competency. This strategic stillness, a conscious resistance to expansionist impulses, yielded significant gains in operational efficiency, product quality, and ultimately, enhanced competitive differentiation Meaning ● Competitive Differentiation: Making your SMB uniquely valuable to customers, setting you apart from competitors to secure sustainable growth. within their niche.

Deconstructing the Perpetual Motion Myth ● Strategic Stillness as Competitive Imperative

The pervasive narrative of perpetual motion in business strategy often overlooks the critical role of strategic stillness, particularly in navigating the complexities of SMB growth, automation, and implementation. In environments characterized by hyper-competition and accelerating technological disruption, the relentless pursuit of novelty and expansion can become a strategic liability, diluting focus, dissipating resources, and undermining core competencies. Strategic stillness, in contrast, represents a deliberate and disciplined counter-strategy, a calculated pause to engage in organizational introspection, resource realignment, and strategic recalibration. It should not be misconstrued as inertia or passivity, but rather as an active and intellectually rigorous process of strategic optimization.

For instance, a rapidly scaling SaaS SMB might choose to implement strategic stillness not by halting growth initiatives entirely, but by temporarily pausing new feature development to rigorously address technical debt, enhance platform scalability, and fortify cybersecurity infrastructure. This strategic pause, while seemingly counterintuitive in a high-growth context, strengthens the foundational pillars necessary for sustained long-term expansion.

Strategic stillness, at an advanced level, transcends tactical pauses; it represents a sophisticated meta-strategy, enabling SMBs to leverage periods of quiescence for profound organizational transformation, competitive advantage consolidation, and the cultivation of resilient, future-proof business models.

Strategic Stillness and the Dynamics of SMB Ecosystems

SMBs operate within complex and interconnected ecosystems, influenced by a multitude of factors ranging from macroeconomic trends and industry-specific dynamics to localized competitive pressures and evolving customer expectations. Strategic stillness provides a critical vantage point for SMBs to analyze these ecosystemic dynamics with greater clarity and depth. By stepping back from the immediate operational fray, SMBs can gain a more holistic understanding of their position within the broader ecosystem, identify emerging opportunities and threats, and adapt their strategies proactively. Consider the interplay between strategic stillness and key ecosystemic factors:

• Technological Disruption ● Strategic stillness allows SMBs to assess the disruptive potential of emerging technologies, evaluate their relevance to their business model, and formulate informed adoption or adaptation strategies, rather than reacting impulsively to technological hype cycles.
• Market Volatility ● In volatile markets, strategic stillness provides a crucial period for SMBs to reassess market conditions, stress-test their business models against various scenarios, and develop contingency plans to mitigate risks and capitalize on emerging opportunities amidst uncertainty.
• Competitive Landscape Evolution ● Strategic stillness enables SMBs to conduct in-depth competitive intelligence analysis, identify shifts in competitor strategies, and refine their own competitive positioning to maintain or enhance market share in the face of evolving competitive pressures.
• Regulatory Changes ● Strategic stillness provides the necessary time and focus for SMBs to analyze the implications of new regulations, adapt their operational processes and compliance frameworks accordingly, and potentially identify opportunities arising from regulatory shifts.

Strategic stillness, therefore, is not an isolated internal exercise but a vital mechanism for SMBs to engage with and strategically navigate the complexities of their external ecosystems.

Automation as a Strategic Stillness Amplifier ● Re-Engineering Operational Paradigms

Automation, in its advanced strategic application, extends beyond mere efficiency gains to become a fundamental enabler of strategic stillness and organizational transformation. By strategically automating not just routine tasks but also higher-level cognitive processes and decision-making workflows, SMBs can liberate significant intellectual capital and managerial bandwidth for strategic initiatives. Advanced automation Meaning ● Advanced Automation, in the context of Small and Medium-sized Businesses (SMBs), signifies the strategic implementation of sophisticated technologies that move beyond basic task automation to drive significant improvements in business processes, operational efficiency, and scalability. technologies, including Artificial Intelligence (AI) and Robotic Process Automation (RPA), facilitate a paradigm shift from reactive operational management to proactive strategic orchestration. Consider the transformative potential of advanced automation in amplifying strategic stillness across key SMB functions:

Advanced automation, therefore, is not simply about automating tasks; it’s about re-engineering operational paradigms to create organizational capacity for strategic stillness, enabling SMBs to operate at a higher level of strategic sophistication and foresight.

Strategic Stillness Implementation ● A Phased Approach to Organizational Transformation

Implementing strategic stillness at an advanced level requires a phased and meticulously planned approach, moving beyond tactical adjustments to encompass organizational transformation. It necessitates a deep commitment to data-driven decision-making, a culture of continuous learning, and a willingness to challenge established operational norms. Here’s a phased implementation framework for advanced strategic stillness:

Phase 1 ● Diagnostic Stillness and Ecosystem Analysis

The initial phase focuses on deep organizational diagnostics and comprehensive ecosystem analysis. This involves:

1. Internal Audit ● Conduct a rigorous audit of all operational processes, resource allocation, technological infrastructure, and organizational capabilities. Identify areas of inefficiency, bottlenecks, and potential vulnerabilities.
2. Ecosystem Mapping ● Develop a detailed map of the SMB’s ecosystem, encompassing suppliers, customers, competitors, regulatory bodies, technological trends, and macroeconomic factors. Analyze the interdependencies and dynamics within this ecosystem.
3. Data Infrastructure Assessment ● Evaluate the SMB’s data collection, storage, and analysis capabilities. Identify gaps in data infrastructure and develop a plan to enhance data-driven decision-making.
4. Strategic Objective Refinement ● Based on the internal audit and ecosystem analysis, refine the SMB’s strategic objectives, ensuring they are aligned with long-term sustainability and competitive advantage in the evolving ecosystem.

Phase 2 ● Automation-Enabled Operational Re-Engineering

This phase focuses on leveraging advanced automation technologies to re-engineer operational processes and create capacity for strategic stillness. This involves:

1. Automation Strategy Development ● Develop a comprehensive automation strategy aligned with the refined strategic objectives. Prioritize automation initiatives based on potential impact and feasibility.
2. Technology Platform Integration ● Implement and integrate advanced automation technologies, including AI, RPA, and machine learning platforms, into key operational areas. Ensure seamless data flow and interoperability between systems.
3. Workflow Optimization ● Re-engineer operational workflows to leverage automation capabilities, eliminate manual bottlenecks, and streamline processes. Focus on automating not just routine tasks but also higher-level cognitive processes.
4. Talent Upskilling and Reskilling ● Invest in talent development programs to upskill and reskill the workforce to effectively manage and leverage advanced automation technologies. Foster a culture of continuous learning and adaptation.

Phase 3 ● Strategic Stillness Cultivation and Dynamic Recalibration

This phase focuses on embedding strategic stillness as a core organizational capability and establishing mechanisms for dynamic strategic recalibration. This involves:

1. Establish Stillness Cadence ● Institutionalize regular periods of strategic stillness, integrated into the SMB’s strategic planning cycle. Define clear objectives and allocate dedicated resources for each stillness period.
2. Data-Driven Performance Monitoring ● Implement robust data analytics dashboards and performance monitoring systems to track key performance indicators in real-time. Utilize AI-powered anomaly detection to identify deviations from strategic objectives.
3. Scenario Planning and Contingency Development ● Regularly conduct scenario planning Meaning ● Scenario Planning, for Small and Medium-sized Businesses (SMBs), involves formulating plausible alternative futures to inform strategic decision-making. exercises to anticipate future market shifts and potential disruptions. Develop contingency plans to proactively mitigate risks and capitalize on emerging opportunities.
4. Agile Strategic Recalibration ● Establish agile mechanisms for strategic recalibration, enabling the SMB to dynamically adapt its strategies based on real-time data insights and evolving ecosystem dynamics. Foster a culture of strategic flexibility and responsiveness.

Strategic stillness, implemented through this phased approach, transcends a mere tactical pause; it becomes a catalyst for profound organizational transformation, enabling SMBs to cultivate a strategic advantage rooted in foresight, resilience, and adaptive capacity. In the complex and rapidly evolving landscape of contemporary business, strategic stillness is not an oxymoron, but a competitive imperative for SMBs seeking sustainable success and long-term market leadership.

References

• Porter, Michael E. Competitive Advantage ● Creating and Sustaining Superior Performance. Free Press, 1985.
• Teece, David J., Gary Pisano, and Amy Shuen. “Dynamic Capabilities and Strategic Management.” Strategic Management Journal, vol. 18, no. 7, 1997, pp. 509-33.
• Eisenhardt, Kathleen M., and Jeffrey A. Martin. “Dynamic Capabilities ● What Are They?” Strategic Management Journal, vol. 21, no. 10-11, 2000, pp. 1105-21.