Ralph Waldo Emmerson said that “nothing great was ever achieved without enthusiasm” and nowhere is this truer than when it comes to running a business. You can have all the best ideas and intentions in the world, but without a solid supply of energy, those ideas will run out of gas pretty quickly.
So how do you keep your business model sharp and relevant in a world that seems hell-bent on changing the rules as soon as you (think) you’ve mastered the game? Let’s find out.
Staying Ahead of the Pack
This means innovation, constantly. It also means knowing exactly who you are as a business but equally – who you are not. You cannot be all things to all people as a person and neither can your business, so know when it’s time to consider things like outsourcing your customer service team or taking control of a supply chain that could instantly deliver your product to a wider base.
Local Knowledge, Global Perspective
Sometimes, it’s not always about the next best thing or the latest and greatest, sometimes it’s just about doing what your competitors are doing – but doing it better and in ways that makes your version more unique. Think differently.
A great example of this is https://tcsupfitting.com/custom-work-trucks/ based out of Wichita. They’re able to customize trucks, emergency vehicles and more based on local conditions and terrain specific requirements.
If your business isn’t thinking along these lines, it should be.
Competitor, Know Thyself
If you happen to be a player in a market where there are multiple providers of your product or service, then you best know what it is that gives your business the edge over your competitors and there are simple but effective ways to find out what your competition is up to.
If You’re Not “Forecasting” You’re Losing Out – Big
No really. If you’re not employing various models to forecast what your business should be doing in the short, medium and long term you’re missing out. Forecasting helps you plan for your future and create forward-thinking financial models that take all manner of variables into account, this will leave you best placed to navigate difficult waters or capitalize on “booms” in the market.
What was relevant 5 years ago is almost certainly obsolete now and what worked last year…well, we all know the answer to that.
Revisit your goals and retest your business processes, policies and procedures. Are they still relevant or are you doing the same old-same old purely because that’s the way “you’ve always done it”? While you’re at it, have a look at current service contracts and check if it’s time to renegotiate payment plans and interest deals and if you include your bank in that audit, you’ll quickly see how much your business is valued.
It’s so easy to get stuck into the daily grind of running a business and sometimes when you’re looking through the same lens day after day, you won’t always notice what’s right in front of you, so taking a fresh look at established norms and practices is always a good idea.