Thinking you’re fine just doing what you’re doing today, tomorrow, is lying to yourself. You always need to be adapting and evolving on a daily basis, that is, if you still want your business, to actually be in business, years from now.
There’s nothing worse than seeing a once powerful business giant fall to the ground ungracefully, but it’s part of reality every year. If only they had taken the steps to adapt and evolve, all that money may not had been wasted, but with complacent behavior, comes sub-standard results, and with sub-standard results, comes big losses of money, and with big losses of money, come job layoffs and cost reducing measure, and with all this, comes your weakness to your competition, and they ultimately end up driving you to the ground and out of business.
This is the fact of business life. If you want to run a business that’s profitable, and that delivers a cutting-edge product or solution, you need to adapt and evolve, and you need to do it on a daily basis. So here are some steps you can take to ensure your business adapts and evolves as needed.
Hire very smart people.
A person doesn’t have to be book smart, or have graduated from an ivy-league school to be smart in this sense. The person only needs to know what people want and like, and in some instances, not looking at the business data over the past twenty-years, and just being able to predict the future in some sense, is well beyond good enough.
The power of suggestion is everything in business. Some of the best business improvements to products and services have come from simple suggestions. However much you think you know, you can always know a lot more. Take suggestions to heart, the more open your mind, the more ways to success you’ll find.
If you’re only doing what you know to work, you’ll never grow. There’s no such thing as failure because even when you fail, you learn what doesn’t work, and the faster you learn what doesn’t work, the faster you can stop wasting time and money, and keep testing other methods out until you find a few things that do work.
Pushing the limits.
The biggest lessons in business will come from pushing the limits, but if you don’t push them, you’re eventually going to stop learning, and when you stop learning, you get complacent, and when you get complacent, your business starts to go down the tubes
Invest in technology.
Not investing in technology, is flat out ineffective and inexcusable. It’s also one of the fastest ways to make your business non-relevant. Invest in right technology, and you’ll have good profit, and you’ll have excellent potential for big-time growth. Don’t invest in technology, and your overhead will continue to rise, you’ll have low profit margins, and your competition will eat you up. It’s extremely important to make the right technology decisions. Just because your competition is using a certain software solution, it doesn’t mean that the same one is good for your business. Try out different technology, see which one fits best with the way your business functions, test it out for a month or two, get an implementation plan together, and then execute it. Jumping into an enterprise Oracle solution, may not be the best fit for your mid-size company. Over invest in technology, and you’re done as well. Balance is everything.
Don’t beat yourself up.
There’s no sense in beating yourself up over business decisions that ended up being incorrect. Just rack them up as learning lessons, keep your head up, and rock on through the future.
Remember, commit to adapt and evolve so that your business, stays in business, for years to come. There’s a big difference between book-smart, and business-smart, whatever type of person you are, recognize it, embrace it, and then higher the counter opposite of what you are as your top employee so you balance each other out.