Monday, December 3, 2012
HOW TO AVOID COMPLACENCY
Whether in small business or big, you are only as popular as your last big invention! Although you may be analyzing a healthy balance sheet, be assured there is a competitor working on providing a newer version of your main product or service. As an entrepreneur wanting to keep your share of the market, it is important to watch the horizon and check over your shoulder.
FOCUS ON ACTION: A strategic plan is crucial to lay out your path forward in business, but be diligent in carrying out the actions to bring your goals to fruition. Many companies create a strategic plan toward success, but fail to set the action items that will propel the plan forward. Status quo – being happy with the way things currently are – can surely lead to the eventual demise of a thriving business. Growth and improvement happen on purpose.
SUCCESS IS NOT AUTOMATIC: While your business may be a leader in its industry, it is not enough to relax and maintain the lead position. Continual development of new products or services is essential for remaining at the top – one great product will not ensure that success automatically continues infinitely. Working to refine and improve your base product will ensure you are competitive beyond your initial success.
BE DYNAMIC: If your product line and your success are to continue, you must have a dynamic strategy. To be planning for a truly sustainable future, your marketing approach must be vibrant and fresh. Attracting new customers or clients to a familiar product requires creativity and following up with more dynamic products or services that will complement your existing line.
SPIRAL UP: A business will either spiral up or spiral down. If you add products or services, you will add employees and revenue. You may expand your business or create another branch – you will afford more money for research and development, and you will spiral up with even more products added to your line. You may become diverse and buy out or merge with a competitor or a business in a related field. Each increment of the upward spiral will bring with it growth and development, brought about by vision, hard work, careful planning and deliberate action.