This weekend I read a 1978 Harvard Business Review article on strategy for service firms, “Strategy is Different in Service Businesses.” (Thomas)

It was an interesting read for a variety of reasons, but one of the lines that stuck out to me was, “Every company depends on an ability to renew its franchise in the marketplace.”

When I think back over my career, I remember many businesses that were the darlings of our conversations and that either no longer exist or have faded into shadows of their former selves.

That this is the natural state of the market fills me with both wariness and inspiration.

Wariness, because I have to be vigilant about creating new value to maintain our existing business. Inspiration, because there’s another opportunity emerging to build something great.