Planning long-term success
A well planned business has the potential of immortality. It could serve and outlive generations of owners, managers, employees and customers.
Building bigger and faster may burn you out.
What then are the factors for business growth and success?
There has to be a focus on building deeper. The business needs to continually innovate and adapt to changes in the market. Always ask these two questions:
1. What is my competitive advantage?
2. How can I sustain competitive advantage?
Know How To Innovate
History teaches us that the current fossil coal economy actually started with the Iron Age when humans burned coal to turn iron ore into metal. Today through innovation we are able to build steel and glass city towers but, from very much the same chemical-technology.
The winds of change in science may now shift our source of energy towards carbon energy from photosynthesis. A business focused on such cutting edge thinking may just create the next energy corporate giant from using plants to fuel an economic boom in bio-technology.
Adapt Or Die
Survival of the most adaptable is a natural principle for continual business success.
We all have the capacity to start and grow a business. The challenge is in being able to sustain the business by shifting from owner-operator to owner-leader.
Create a management system that supports business leaders, managers and employees in achieving personal goals of good quality living. This will encourage them to contribute innovative ideas to the business and to help in succession planning. This also encourages former owners and employees to continue supporting the business by becoming advocates in the communities they live in.
Creating sustained competitiveness requires a culture that values thinking time. This may appear to take people away from work but remember, a stimulated mind can refresh the body.
A good way to create thinking time is to invite outside consultants to stimulate discussions by introducing fresh ideas and knowledge. This can continue to encourage innovative thinking long after the consultant has left.
For the business to benefit, create feedback channels within your management systems to channel innovative ideas to the top leadership and senior management.
The key to continual business growth lies in the ability to act on market knowledge in a timely manner. Having the right ideas to make the right decisions is critical for long term business success.
International Business Consultant
Reboot your business plan for sustained high growth.