Fortune’s list of the “most admired” service companies is one of the most dynamic of the published company rankings marked by most number of basis changes every year. Thus, it can be safely inferred that service based companies are somehow more vulnerable and exposed to internal and external stimuli than other industries. Moreover, the basic nature of a failing service based business is quite different than any other manufacturing based company which makes it more difficult to borrow best practices from previous turnarounds.
At first glance, Service based companies are fundamentally different from other industries but if looked at a little more closely, most concepts and terminology from these industries have non-tangible cousins in the service industry for instance Capacity, products, inventory, assets etc. most of which are employees.
Therefore, in the global interest of presenting all service based industries with a more intelligible framework (which they all would probably need when the sun starts shining again!)for them to work with , I present a tweaked situation matrix to make it lean towards service industries and provide service specific actions that businesses can take.
The new framework