- Increased competitive pressures (83 percent)
- Responding rapidly to changing market conditions (67 percent)
- Failure to innovate (60 percent)
- Satisfying customer expectations (52 percent)
Source: Mercer Delta Executive Learning Center and the Economist Intelligence Unit poll of 233 senior execs, as published in USA Today business section.
So that means....
Yes and no. Yes, watch what other companies are doing. Yes, keep your ear to the ground for what's happening in your industry. But no, you're not going to win by chasing the competition. Your company needs to find its unique strengths, weaknesses, opportunities and threats in order to find the greatest potential for growth.... we should watch what the other guys are doing...?
No! Strategic planning is more important than ever! Market change is the "sea of business." If you're trying to stay in one spot, you'll get pounded by the waves, sputter, and eventually go under. Those waves can be seen coming: prepare your board, begin paddling in front of them, and your company will ride those waves, right in the curl! That's what strategic planning, done right, can do for you and your business. We can help you spot current and coming business trends based on your knowledge of your industry, find the sweet spots in those waves, and paddle right into them. You also build your "surfing" skills in the process....we don't have time for strategic planning, since It's all moving so fast...?
Nope. As a matter of fact, if you approach it like that, you will shut down innovation completely, and probably cost yourself some big turnover expenses in the process. You know, innately, that innovation is borne out of atmospheres of trust, openness, and risk-taking, and all studies back up your "gut instinct" on that. Imagine a far-fetched example: If someone put you in a room with 10 straws, 16 pins, 6 LifeSavers, and a pair of scissors, you could devise a primitive car in no time. Reading this, relaxed, you're probably generating ideas right now. But if someone were standing over you, threatening physical harm if you failed, you'd be far more likely to poke yourself with a pin than produce workable, much less innovative, model. Great teamwork produces great innovation. If you don't have the former, you're not likely to get the latter.We must pressure our workforce to innovate, innovate, innovate!
Is there a note of uncertainty there? Don't just sit there! If you're not sure, find out! The best practice is for everyone in your organization who interacts with customers on a regular basis stay close to the customer, ask questions, learn customer needs, and meet them.... satisfy our customers? We are, aren't we?
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To learn how Barr Corporate Success can help your business meet the challenges of today and tomorrow, call Krissi Barr at 513-470-8980 or e-mail krissi@barrcorporatesuccess.com.
