BY Daniel Adjei | Managing Partner | Spint Consult Limited | firstname.lastname@example.org |
Nokia, Blackberry, Yahoo, Pan American, Sony Walkman, Motorola, MySpace, International Business Machines (IBM), Kodak, etc. What do they have in common? This is the question asked by Gordon Tredgold and answered with the following: They all dominated their markets and then, within a pretty short space of time, lost their top dog status.
There is more to a successful business than simply getting to the top. The problems are numerous, and chief among them is a refusal to diversify or get with the program or create a new trend aligned with customers’ expectations. In simple terms: You sleep, you lose.
It’s not just about creating an excellent model for running a company. The company has to be organic, flexible, and ever-evolving to allow changes in its environment.
It is the job of a good leader and outstanding entrepreneur to foresee these sorts of pitfalls and implement constant change and innovation time and time again, or you can quickly see yourself go from the disruptor to the disrupted.
Dozens of companies are experimenting with machine intelligence as a way to improve and maximize the efficiency of their internal operations. Artur Kiulian, author of the book, Robot Is the Boss says “This process of restructuring organization around the notion of machine learning depends on the ability of leadership to think of the company as a machine itself, with its inputs, outputs, and black boxes”. These sorts of developments are all brought on by innovation; the desire to improve upon what is already the norm. However, innovation is not limited to technology or the workings of the interweb. Good leaders, CEOs, and entrepreneurs are found creating innovative changes in many industries such as fashion, architecture, art or comfort.
Three things your business must do to remain competitive according to Gordon Tredgold:
Innovate To Differentiate
The center of capitalism is that there is competition and this competition is relentless. The only way to stay ahead of the game is to offer something different to consumers. In a world of sameness, all it takes is just a tiny element that sets you apart.
People are often willing to pay higher when they feel that what they are getting in return is more and sometimes; these things are even intangibles such as how they feel while consuming your product, examples Kokoking, A1 bread, etc. Give to your customers just the way they like it the rest will be history and benefits to you.
Know Your Consumer:
The greatest pitfall in business, especially a new one, is not to understand the market. When you don’t know your potential customers and their needs/wants, you are dead on arrival and have essentially failed. People have virtually unlimited wants and particular needs. The problem is; usually, they cannot afford to meet them.
Once you understand and find a void in the needs and wants of people that are not being met, all you have to do is create a business to exploit this gap in a way that your potential customers can afford.
Continually Reinvent Yourself
There is a temptation for companies to relax and get comfortable doing the same thing that has proven to work for years under the age-old adage of if it ain’t broke don’t fix it?
While it’s nice to keep things simple sometimes, there must always be a desire for reinvention. Think of it this way, if a successful company was able to steal the spotlight from an older company, why the same thing can’t happen to you? Many Millennial entrepreneurs follow the new adage if you’re not disrupting, you will be disrupted.
The solution is never to get too comfortable and always seek out new ways to do the same thing better or offer something innovative. This work ethic is the main reason for the success of a company like Google. They are always at the forefront of tech and there are hardly any consumer spaces they have not invaded and sought to dominate.
These ideas are what keep a company alive. It’s all well and good to start a business, but the goal is to make it last for as long as possible in the best possible health. In today’s scenario, the main rule is to adapt or die.
The main responsibility of the leadership is to steer the company away from doom and ensure its continued viability and relevance. Companies that experience innovation success grab onto it and believe that it is their secret to everlasting success. Unfortunately, this is not the case, although it would definitely make a CEOs job a lot easier. The business landscape is littered with cautionary tales of companies that failed due to lack of innovation. An unwillingness to innovate puts any company at risk of failure, but refusing to evolve with the market can be even more devastating.
Business in today’s world is increasingly diverse. Undertaking commerce, even by an individual, can mean working globally through a welter of new media with opportunities of all kinds rapidly appearing. The boundaries, scope, content, structures, and processes of a business activity can morph into completely different ones in the course of a project. Contemporary businesses, and certainly future businesses, find it incumbent upon them to fit within the requirements of environmental and economic sustainability of the others who inhabit our world.
In a highly globalized world where industries from all sectors are becoming more porous and open, the competition amongst companies and organizations have never been steeper until now. The survival and sustained growth of a company lies in its ability to attract talents and to employ leaders who are able to add value to the company’s performance. As such, inherently, such leaders will have to be able to lead, take charge and perform so as to produce positive results that would generate higher revenues for the companies. However, revenues alone should not be used as a key performance indicator for such management level staffs but instead a broader scope should be established since, being in important leadership role of a company affects how the company operates, functions and adapt in an ever increasing competitive environment. We should not failed to realize that in order for a company to succeed its human resources should be one that is highly capable and talented. Thus there has to be frequent feedbacks and self-assessment towards their staff, more so for those in leadership roles according to bartleby.
In a tightening economy, companies are looking more closely at employee productivity. It’s not personal, it’s simply economics. You need to stay ahead of the curve, and create more value from your time. But there are only so many hours in a day – how can you do it? You can increase your worth, when you increase your speed in everything you do.
Are you starting out on a new business endeavor and wondering what it takes to be successful? It’s a journey you must take with the understanding that it’s about more than just yourself or acquiring money. Teddy Hunt recommended following five tips:
- The Journey to Success
To complete the journey, you must be ready to take the long and uneasy road to success. As with any journey, you need to have a destination chosen. This destination can be to own your own company, to reach a particular net worth, or to expand to an international client base. This will be how you define your business success.
On this journey, you’ll need to do much more than just want it. You must work hard, think positive, read collaborative books, and study your mentors who are already where you want to be. It’s a mental and physical journey to take. Are you ready to walk the walk and talk the talk?
While you are on your journey, remember the old phrase, “you are the company you keep.” If you are surrounded by those who are negative, you can be sure there will be negativity along your journey. They will make a rough path seem impossible to cross. So it’s important to keep positive influencers around you who are looking to take the journey to success as well.
- Be Persistent and Consistent
Have you ever met a successful person who tried to promote a new product and then quickly decided to let it go? Probably not. The most successful people in today’s business world are extremely persistent and consistent. These are two positive habits that will keep the money rolling in, over long term.
- Don’t Chase the Money
Sure, in the end, it’s great to have wealth. However, you should not chase the money to define your success. As a business owner, do focus on your sales, cash flow, and net profit. This will help you determine how well your business is doing. Evaluate your business success by how well you are meeting your customers’ needs, and the money will follow naturally.
- Manage Your Money Wisely
Just because you have money coming in like crazy, does not mean you’ll keep it in your bank account. You need to manage your money wisely.
- Join an investment club.
- Set up an investment account.
- Learn about the various types of securities.
Some of the most successful individuals realize everything is not handed to them on a silver platter. They must work hard for it, and in turn, they learn to appreciate their wealth. They are frugal individuals– yes, this includes even Warren Buffett. So take baby steps with your money. Keep your old vehicle as long as it runs and keep a smaller home. Leverage your frugality so that you can reinvest in your business or new ventures down the road.
- Create Value in Your Life and Others
You need to have something to offer people for them to pay attention to you. Others purchasing your products and services, of course, is the way you will become successful. So, you need to create value in their lives for them to support you. In turn, you’ll provide value in your own life toward your success. Money is not always the top priority in successful people’s lives; it’s making others happy and providing value.
There are successful people who failed and kept going. From Thomas Edison to Stephen King, they never gave up. In order for you to be the next successful person, remember the above five tips, and never let greed get in your way.