Fundamentals

Seventy percent of small to medium-sized businesses (SMBs) fail within their first decade, a stark statistic that often overshadows the vibrant entrepreneurial spirit driving local economies. This isn’t due to a lack of hard work; rather, misaligned strategic moves at critical junctures frequently derail even the most dedicated efforts. For an SMB owner navigating the daily grind, the idea of ‘strategic business moves’ can feel abstract, something reserved for boardroom titans.

However, strategic thinking is the very compass that guides sustainable growth, even on a smaller scale. It’s about making deliberate choices, not just reacting to the immediate pressures of running a business.

Understanding Your Terrain

Before charting any course, an SMB must first understand its current position. This involves a frank assessment of internal strengths and weaknesses, alongside a clear-eyed view of the external landscape. Think of it as a business health check. What are you genuinely good at?

What aspects consistently cause headaches? Are your customers happy? What are your competitors doing effectively? Ignoring these fundamental questions is akin to driving with your eyes closed; you might move forward, but the direction and destination remain dangerously uncertain.

Strategic self-awareness is the bedrock upon which all effective business moves are built.

Internal Audit ● Strengths and Weaknesses

Begin with what you control ● your own business. This isn’t about ego-stroking or self-deprecation, but honest evaluation. Strengths could be anything from a highly skilled team to a unique product offering, or even a prime location. Weaknesses might include outdated technology, inefficient processes, or a lack of marketing expertise.

Documenting these, perhaps in a simple table, provides a tangible starting point. Consider these questions:

• What do customers consistently praise about your business?
• Where do you outperform your direct competitors?
• What internal processes run smoothly and efficiently?
• What resources or skills are readily available within your team?
• Where are you consistently losing time, money, or customers?
• What aspects of your business feel disorganized or chaotic?
• What skills or resources are lacking within your team?
• Where do competitors seem to have an edge over you?

Answering these questions honestly, without sugarcoating or defensiveness, reveals the internal landscape that shapes your strategic options.

External Analysis ● Opportunities and Threats

Simultaneously, scan the horizon for external factors. This involves understanding your market, industry trends, and the broader economic climate. Opportunities are external factors that your business can leverage for growth. Threats are external factors that could negatively impact your business.

Market trends, regulatory changes, emerging technologies, and shifts in consumer behavior all fall under this category. For instance, a growing demand for eco-friendly products presents an opportunity for a sustainable business, while a new competitor entering the market poses a potential threat. Consider using a PESTLE analysis framework to systematically evaluate Political, Economic, Social, Technological, Legal, and Environmental factors. This structured approach ensures a comprehensive overview of the external environment.

Table 1 ● SWOT Analysis Framework

By combining internal strengths/weaknesses with external opportunities/threats, the SWOT analysis provides a foundational understanding for strategic decision-making. It’s a simple yet powerful tool for SMBs Meaning ● SMBs are dynamic businesses, vital to economies, characterized by agility, customer focus, and innovation. to clarify their strategic position.

Focusing on Customer Value

Businesses exist to serve customers. This might seem obvious, yet strategic moves often become internally focused, losing sight of the customer at the heart of it all. Every strategic decision, from marketing campaigns to operational improvements, should ultimately enhance customer value. Value, in this context, isn’t solely about price; it encompasses quality, convenience, service, and the overall customer experience.

Understanding what your customers truly value is paramount. Are they seeking the lowest price, the highest quality, the most personalized service, or something else entirely? Customer surveys, feedback forms, and even informal conversations can provide invaluable insights. Listen to what your customers are saying, both explicitly and implicitly. Their needs and desires should be the guiding star for your strategic moves.

Customer-centricity isn’t a marketing slogan; it’s a strategic imperative for SMB sustainability.

Defining Your Ideal Customer

Not all customers are created equal. Some are more profitable, more loyal, and easier to serve than others. Identifying your ideal customer allows you to focus your resources where they will yield the greatest return. This involves creating a detailed profile of your target audience, going beyond basic demographics.

Consider their psychographics ● their values, interests, lifestyle, and motivations. What problems are they trying to solve? What are their aspirations? Where do they spend their time online and offline?

The more precisely you define your ideal customer, the more effectively you can tailor your products, services, and marketing efforts to meet their specific needs. This targeted approach is far more efficient and impactful than trying to be everything to everyone.

Delivering Exceptional Experiences

In today’s competitive landscape, customer experience Meaning ● Customer Experience for SMBs: Holistic, subjective customer perception across all interactions, driving loyalty and growth. is a critical differentiator. It’s no longer sufficient to simply offer a good product or service; customers expect a seamless, positive, and even memorable experience at every touchpoint. This includes everything from initial contact to post-purchase support. Think about the entire customer journey ● from awareness to advocacy.

Identify areas where you can exceed expectations and create moments of delight. This might involve streamlining your online ordering process, providing proactive customer service, or personalizing your communications. Exceptional customer experiences foster loyalty, generate positive word-of-mouth referrals, and ultimately drive sustainable growth. It’s about making customers feel valued and appreciated, not just processed.

Embracing Smart Automation

Automation often conjures images of robots replacing human workers, a concern particularly relevant for SMBs that pride themselves on personal touch. However, smart automation, when strategically implemented, can actually enhance both efficiency and customer experience. It’s about automating repetitive, time-consuming tasks, freeing up human employees to focus on higher-value activities that require creativity, empathy, and strategic thinking. For SMBs, automation Meaning ● Automation for SMBs: Strategically using technology to streamline tasks, boost efficiency, and drive growth. isn’t about replacing people; it’s about empowering them to be more effective and contribute at a higher level.

Consider areas where automation can streamline operations, reduce errors, and improve consistency. This could include automating email marketing, scheduling social media posts, managing inventory, or even using chatbots for basic customer inquiries. The key is to identify tasks that are ripe for automation and implement solutions that are both cost-effective and user-friendly.

Strategic automation amplifies human capabilities, it does not diminish them.

Identifying Automation Opportunities

Start by mapping out your key business processes. Identify tasks that are manual, repetitive, and prone to errors. These are prime candidates for automation. Consider processes like invoicing, data entry, customer onboarding, and appointment scheduling.

Talk to your employees; they often have the best insights into time-wasting tasks that could be automated. Don’t try to automate everything at once. Start small, with a pilot project in a specific area. Measure the results, learn from the experience, and then gradually expand automation to other parts of your business. The goal is to implement automation strategically, focusing on areas that will deliver the greatest impact in terms of efficiency, cost savings, and improved customer experience.

Choosing the Right Tools

The market is flooded with automation tools, ranging from simple software applications to complex enterprise systems. For SMBs, the key is to choose tools that are affordable, easy to use, and scalable. Cloud-based solutions are often a good starting point, as they typically require lower upfront investment and offer greater flexibility. Consider tools like CRM (Customer Relationship Management) systems, marketing automation platforms, project management software, and accounting software.

Look for tools that integrate with your existing systems and offer the features you need without unnecessary complexity. Don’t be afraid to try out free trials or demos before committing to a purchase. The right automation tools can significantly enhance your operational efficiency Meaning ● Maximizing SMB output with minimal, ethical input for sustainable growth and future readiness. and free up valuable time for strategic initiatives.

Strategic business moves for SMBs in the fundamentals stage are about building a solid foundation. This involves understanding your business inside and out, focusing relentlessly on customer value, and strategically embracing automation to enhance efficiency. These are not radical shifts, but rather deliberate, incremental steps that pave the way for sustainable growth.

Intermediate

Having navigated the initial turbulence of establishing a business, SMBs at the intermediate stage often find themselves at a crossroads. The scrappy, reactive strategies that fueled early survival must evolve into more sophisticated, proactive approaches. Growth Meaning ● Growth for SMBs is the sustainable amplification of value through strategic adaptation and capability enhancement in a dynamic market. plateaus become apparent, competition intensifies, and the need for scalable, sustainable strategies becomes paramount.

Intermediate SMBs aren’t just seeking to stay afloat; they are aiming for expansion, market share gains, and increased profitability. This transition necessitates a shift from tactical execution to strategic orchestration, demanding a deeper understanding of market dynamics, competitive positioning, and organizational optimization.

Strategic Market Positioning

Moving beyond basic market awareness, intermediate SMBs must actively define and refine their strategic market position. This involves not just understanding who their customers are, but also how they are perceived relative to competitors. Are you the premium provider, the value leader, or the niche specialist? Your chosen positioning dictates your marketing messages, pricing strategies, and product development roadmap.

Strategic positioning is about creating a distinct and defensible space in the market, one that resonates with your target customers and differentiates you from the competition. It’s not about being everything to everyone, but rather being the preferred choice for a specific segment of the market.

Strategic market positioning is the art of defining your competitive advantage Meaning ● SMB Competitive Advantage: Ecosystem-embedded, hyper-personalized value, sustained by strategic automation, ensuring resilience & impact. and communicating it effectively.

Competitive Differentiation Strategies

In crowded markets, differentiation is not optional; it’s essential for survival and growth. Intermediate SMBs must actively seek ways to stand out from the competition. This can be achieved through various differentiation strategies, including product differentiation, service differentiation, channel differentiation, and brand differentiation. Product differentiation focuses on offering unique features, superior quality, or innovative designs.

Service differentiation emphasizes exceptional customer service, personalized attention, or value-added services. Channel differentiation involves leveraging unique distribution channels or creating a distinctive customer experience through your chosen channels. Brand differentiation focuses on building a strong brand identity that resonates with your target audience and conveys your unique value proposition. The most effective differentiation strategies are those that are difficult for competitors to replicate and are highly valued by your target customers.

Niche Market Domination

For many intermediate SMBs, pursuing niche market domination offers a viable path to sustainable growth. Instead of trying to compete head-on with larger, more established players in broad markets, niche market domination involves focusing on a specific segment of the market with specialized needs. This allows SMBs to develop deep expertise, tailor their offerings to the specific requirements of the niche, and build strong relationships with their target customers. Niche markets often face less intense competition and can command premium pricing.

Identifying a profitable niche requires careful market research and an understanding of unmet customer needs. Once a niche is identified, the strategic focus shifts to becoming the undisputed leader in that specific segment. This focused approach can be particularly effective for SMBs with limited resources, allowing them to concentrate their efforts and achieve significant market share within their chosen niche.

Optimizing Operational Efficiency

As SMBs grow, operational inefficiencies that were once manageable can become significant bottlenecks, hindering scalability and profitability. Intermediate SMBs must proactively optimize their operations to ensure smooth, efficient, and cost-effective processes. This involves streamlining workflows, leveraging technology to automate tasks, and implementing quality control measures to minimize errors and waste. Operational optimization is not a one-time project; it’s an ongoing process of continuous improvement.

It requires a data-driven approach, where key performance indicators (KPIs) are tracked and analyzed to identify areas for improvement. The goal is to create a lean, agile, and responsive operation that can adapt to changing market demands and support sustainable growth.

Operational excellence is the engine that drives profitability and scalability for intermediate SMBs.

Process Streamlining and Standardization

Inefficient processes are a major drain on resources and productivity. Intermediate SMBs should systematically review their key business processes, from order fulfillment to customer service, and identify areas for streamlining and standardization. This involves eliminating unnecessary steps, simplifying workflows, and documenting standard operating procedures (SOPs). Process mapping tools can be helpful in visualizing workflows and identifying bottlenecks.

Standardization ensures consistency, reduces errors, and makes it easier to train new employees. Streamlined and standardized processes not only improve efficiency but also enhance customer experience by ensuring consistent quality and timely delivery. This focus on process optimization is crucial for scaling operations and maintaining profitability as the business grows.

Technology Integration for Efficiency

Technology plays a vital role in operational optimization. Intermediate SMBs should strategically integrate technology solutions to automate tasks, improve communication, and enhance data visibility. This might involve implementing or upgrading CRM systems, ERP (Enterprise Resource Planning) systems, project management software, and business intelligence tools. Technology integration should be approached strategically, focusing on solutions that address specific operational challenges and deliver tangible benefits.

Data integration is also crucial, ensuring that different systems can communicate with each other and provide a unified view of business operations. Effective technology integration not only improves efficiency but also provides valuable data insights that can inform strategic decision-making. Choosing the right technology stack is a critical strategic move for intermediate SMBs seeking to optimize their operations and scale their business.

List 1 ● Key Performance Indicators (KPIs) for Operational Efficiency

1. Customer Acquisition Cost (CAC) ● Measures the cost of acquiring a new customer.
2. Customer Lifetime Value (CLTV) ● Predicts the total revenue a business will generate from a single customer.
3. Gross Profit Margin ● Indicates the profitability after deducting the cost of goods sold.
4. Inventory Turnover Ratio ● Measures how efficiently inventory is managed.
5. Employee Productivity Rate ● Assesses the output per employee.
6. Order Fulfillment Time ● Measures the time taken to process and deliver customer orders.
7. Customer Satisfaction Score (CSAT) ● Measures customer satisfaction with products or services.

Developing Scalable Growth Strategies

Intermediate SMBs are no longer content with incremental growth; they are actively seeking scalable growth strategies Meaning ● Scalable Growth Strategies for SMBs: Achieve revenue growth without proportional cost increases, ensuring long-term, efficient business expansion. that can propel them to the next level. Scalable growth Meaning ● Scalable Growth, in the context of Small and Medium-sized Businesses, signifies the capacity of a business to sustain increasing revenue and profitability without being hindered by resource constraints, operational inefficiencies, or escalating costs. is about building a business model that can expand rapidly without a proportional increase in costs or resources. This requires strategic investments in areas like marketing, sales, technology, and talent. Scalable growth strategies often involve expanding into new markets, launching new product lines, or developing recurring revenue streams.

It’s about creating a growth engine that can generate momentum and sustain long-term expansion. However, scalable growth must be managed strategically to avoid overextension and maintain profitability. Careful planning, resource allocation, and performance monitoring are essential for successful scalable growth.

Scalable growth is about building a business engine designed for rapid and sustainable expansion.

Market Expansion and Diversification

Expanding into new markets is a common strategy for intermediate SMBs seeking scalable growth. This can involve geographic expansion, targeting new customer segments, or entering adjacent industries. Market expansion requires careful market research to assess the viability of new markets and adapt offerings to local needs. Diversification involves expanding product or service offerings to cater to a broader range of customer needs or reduce reliance on a single product line.

Diversification can mitigate risk and create new revenue streams. Both market expansion and diversification strategies should be aligned with the SMB’s core competencies and strategic goals. A phased approach, starting with pilot projects and gradual expansion, can help mitigate risks and ensure successful market entry or diversification.

Building Recurring Revenue Models

Recurring revenue models, such as subscription services or membership programs, offer a highly scalable and predictable revenue stream. Intermediate SMBs should explore opportunities to incorporate recurring revenue models into their business. This can involve transitioning from one-time sales to subscription-based offerings, offering maintenance contracts, or developing membership programs that provide ongoing value to customers. Recurring revenue models provide a stable and predictable income stream, making it easier to forecast revenue and plan for future growth.

They also foster stronger customer relationships and increase customer lifetime value. Transitioning to a recurring revenue model requires careful planning and potentially adjustments to pricing, marketing, and customer service strategies. However, the long-term benefits of predictable revenue and increased customer loyalty make it a strategically valuable move for intermediate SMBs.

Strategic business moves for intermediate SMBs center around refining market positioning, optimizing operations for efficiency, and developing scalable growth strategies. These are not quick fixes, but rather strategic investments in building a more robust, competitive, and scalable business. The focus shifts from immediate survival to long-term sustainability and expansion, requiring a more sophisticated and proactive approach to business management.

Advanced

For SMBs that have transcended the intermediate phase, strategic business moves Meaning ● Strategic Business Moves, within the realm of SMB operations, denote decisive actions undertaken to enhance competitive positioning, revenue generation, and operational efficiency. enter a realm of heightened complexity and sophistication. These are no longer just about incremental improvements or market share gains; they are about transformative shifts, industry leadership, and long-term competitive dominance. Advanced SMBs operate in dynamic, often disruptive markets, demanding strategic agility, deep market foresight, and the capacity for organizational reinvention.

The focus shifts from managing growth to orchestrating evolution, requiring a nuanced understanding of global trends, technological disruptions, and the evolving landscape of competitive advantage. Strategic decisions at this level are not merely operational adjustments; they are calculated gambits designed to redefine market boundaries and establish enduring leadership.

Dynamic Capabilities and Strategic Agility

In the face of relentless market disruption, dynamic capabilities Meaning ● Organizational agility for SMBs to thrive in changing markets by sensing, seizing, and transforming effectively. become paramount for advanced SMBs. Dynamic capabilities, in essence, are the organizational processes that enable a firm to sense, seize, and reconfigure resources to create and sustain competitive advantage in turbulent environments. This goes beyond static capabilities, which focus on operational efficiency within a stable context. Strategic agility, a related concept, refers to the organization’s capacity to adapt and respond rapidly to unexpected changes and emerging opportunities.

Advanced SMBs must cultivate these dynamic capabilities to not just react to change, but to proactively shape it. This involves fostering a culture of innovation, embracing experimentation, and building organizational structures that are flexible and adaptable. Dynamic capabilities are not merely about responding to threats; they are about capitalizing on uncertainty and transforming disruption into a source of competitive advantage.

Dynamic capabilities are the strategic muscles that enable advanced SMBs to thrive amidst perpetual change.

Sense-And-Respond Mechanisms

Developing robust sense-and-respond mechanisms is crucial for cultivating dynamic capabilities. Sensing involves actively monitoring the external environment for emerging trends, competitive shifts, and potential disruptions. This requires sophisticated market intelligence gathering, competitor analysis, and technological foresight. Responding involves rapidly adapting strategies and operations to capitalize on opportunities or mitigate threats identified through the sensing process.

This necessitates agile decision-making processes, flexible resource allocation, and a culture of experimentation. Sense-and-respond mechanisms are not just about collecting data; they are about translating insights into swift and effective action. Advanced SMBs invest in sophisticated analytics, real-time monitoring systems, and cross-functional collaboration to enhance their sense-and-respond capabilities. This proactive approach allows them to anticipate market shifts and gain a competitive edge by being first movers or fast followers.

Organizational Reconfiguration and Adaptation

Dynamic capabilities extend beyond sensing and responding; they also encompass organizational reconfiguration and adaptation. This involves the ability to restructure internal processes, reallocate resources, and even reinvent business models in response to evolving market conditions. Organizational reconfiguration may involve forming new strategic alliances, divesting underperforming business units, or acquiring complementary capabilities. Adaptation requires a willingness to challenge existing assumptions, embrace new technologies, and fundamentally rethink how the business operates.

Advanced SMBs foster a culture of continuous learning and organizational agility, recognizing that inertia is a strategic liability in dynamic markets. They invest in employee training, promote cross-functional collaboration, and empower teams to experiment and innovate. This organizational flexibility allows them to not just survive disruption, but to emerge stronger and more competitive.

Strategic Ecosystem Orchestration

Advanced SMBs increasingly recognize that competitive advantage is not solely derived from internal resources and capabilities, but also from the strategic ecosystems they cultivate and orchestrate. A strategic ecosystem encompasses a network of interconnected organizations, including suppliers, partners, customers, and even competitors, that interact and co-evolve to create mutual value. Ecosystem orchestration Meaning ● Strategic coordination of interconnected business elements to achieve mutual growth and resilience for SMBs. involves actively shaping and managing these relationships to enhance collective value creation and capture.

This goes beyond traditional supply chain management or partnership strategies; it’s about building a dynamic and collaborative network that amplifies individual strengths and creates synergistic advantages. Advanced SMBs strategically position themselves as ecosystem orchestrators, leveraging their influence to shape the ecosystem in their favor and extract greater value from the collective network.

Strategic ecosystem orchestration is the art of building collaborative networks that amplify competitive advantage.

Platform Business Models and Network Effects

Platform business models are a powerful mechanism for ecosystem orchestration. Platforms create a digital or physical infrastructure that facilitates interactions and transactions between different user groups, such as buyers and sellers, content creators and consumers, or service providers and customers. Platform business models Meaning ● Platform Business Models for SMBs: Digital ecosystems connecting producers and consumers for scalable growth and competitive edge. leverage network effects, where the value of the platform increases exponentially as more users join the network. Advanced SMBs may consider developing platform business models to create ecosystems around their core offerings.

This could involve building online marketplaces, developing app platforms, or creating industry consortia. Successful platform orchestration requires attracting and retaining diverse user groups, establishing clear governance rules, and fostering a vibrant and self-sustaining ecosystem. Platform business models can generate significant competitive advantage by creating lock-in effects, leveraging data insights, and fostering innovation through ecosystem participation.

Collaborative Innovation and Co-Creation

Ecosystem orchestration fosters collaborative innovation and co-creation. Advanced SMBs recognize that innovation is no longer solely an internal endeavor; it increasingly involves collaborating with external partners, customers, and even competitors. Co-creation involves actively engaging customers in the product development process, leveraging their insights and feedback to create offerings that are more closely aligned with their needs. Collaborative innovation involves partnering with other organizations to share knowledge, resources, and expertise to accelerate innovation and reduce risk.

Advanced SMBs actively participate in industry consortia, open innovation initiatives, and strategic alliances to foster collaborative innovation. They also leverage digital platforms to facilitate co-creation with customers and partners. Ecosystem-driven innovation can lead to breakthrough products, services, and business models that would be difficult to achieve through internal efforts alone.

Table 2 ● Strategic Business Moves for SMBs Across Growth Stages

Strategic Foresight and Long-Term Vision

Advanced SMBs operate with a long-term vision, anticipating future market trends and proactively shaping their strategic trajectory. Strategic foresight Meaning ● Strategic Foresight: Proactive future planning for SMB growth and resilience in a dynamic business world. involves developing a deep understanding of emerging technologies, societal shifts, and geopolitical dynamics that could impact their industry and business. This goes beyond short-term forecasting; it’s about scenario planning, anticipating disruptive events, and developing robust strategies that can withstand uncertainty. Long-term vision is not just about predicting the future; it’s about creating a desired future and strategically positioning the SMB to lead the way.

Advanced SMBs invest in future-oriented research, engage in scenario planning Meaning ● Scenario Planning, for Small and Medium-sized Businesses (SMBs), involves formulating plausible alternative futures to inform strategic decision-making. exercises, and cultivate a culture of strategic thinking at all levels of the organization. This proactive approach allows them to anticipate and capitalize on future opportunities, mitigate potential threats, and maintain a long-term competitive advantage.

Strategic foresight is the compass that guides advanced SMBs through the uncertainties of the future.

Scenario Planning and Contingency Strategies

Scenario planning is a powerful tool for developing strategic foresight. It involves creating multiple plausible future scenarios, each representing a different set of assumptions about key external factors. For each scenario, advanced SMBs develop contingency strategies, outlining how they would adapt their business in response to that particular future. Scenario planning is not about predicting which scenario will actually unfold; it’s about preparing for a range of possibilities and developing flexible strategies that can be adapted as the future unfolds.

This proactive approach reduces strategic surprise and enhances organizational resilience in the face of uncertainty. Advanced SMBs regularly update their scenario plans, incorporating new information and refining their contingency strategies. Scenario planning fosters strategic agility Meaning ● Strategic Agility for SMBs: The dynamic ability to proactively adapt and thrive amidst change, leveraging automation for growth and competitive edge. and ensures that the SMB is prepared for a range of future possibilities.

Anticipating Disruptive Technologies

Disruptive technologies pose both threats and opportunities for advanced SMBs. Anticipating these technologies and understanding their potential impact is crucial for maintaining long-term competitiveness. This involves actively monitoring technological trends, investing in research and development, and exploring potential applications of emerging technologies within their industry. Disruptive technologies Meaning ● Disruptive technologies, in the context of Small and Medium-sized Businesses, represent innovations that significantly alter the way businesses operate, compete, and grow. can create new markets, transform existing industries, and render established business models obsolete.

Advanced SMBs must be proactive in identifying and evaluating disruptive technologies, assessing their potential impact, and developing strategies to either leverage or mitigate their effects. This may involve investing in new technologies, partnering with technology startups, or even fundamentally reinventing their business model to adapt to the new technological landscape. Strategic foresight regarding disruptive technologies is essential for long-term survival and leadership in dynamic markets.

Strategic business moves for advanced SMBs are about navigating complexity, orchestrating ecosystems, and anticipating the future. These are not incremental adjustments, but rather transformative initiatives designed to establish industry leadership and long-term competitive dominance. The focus shifts from managing current operations to shaping future markets, requiring a sophisticated understanding of dynamic capabilities, ecosystem orchestration, and strategic foresight. Advanced SMBs are not just reacting to change; they are actively creating it, leveraging strategic agility and long-term vision to define the future of their industries.

References

• Teece, David J. “Dynamic capabilities ● Routines versus entrepreneurial action.” Journal of Management Studies, vol. 49, no. 8, 2012, pp. 1395-1401.
• Porter, Michael E. “Competitive advantage ● Creating and sustaining superior performance.” Free Press, 1985.
• Eisenhardt, Kathleen M., and Jeffrey A. Martin. “Dynamic capabilities ● What are they?.” Strategic Management Journal, vol. 21, no. 10-11, 2000, pp. 1105-1121.