The Changing Business Climate
Maintain your focus to move in the direction you want to go!
Change in the business world seems to accelerate faster and faster each year. Keeping up with the trends in marketing, products, and customer expectations is a challenge for every company.
Twenty-five years ago, an owner of a company knew what to expect within their industry as changes came about in a predictable manner. As new technology was proven in, they had time to create new products or services based on the goals of their business. Companies then “sold” these changes in products and services to their customers.
Fast forward to today, where the changing business climate is chaotic. Today, there is an instant-gratification culture, where customers can find new products and ideas on-line and see the latest ideas on Facebook, Pinterest, and Instagram. Similarly, technology moves quickly to market, often experiencing bumps and bruises as it moves forward without being thoroughly tested. These factors pressure companies to quickly create the product of the day before the customers have tired of the new idea and moved on to yet another new thing.
In this business climate, it can be very difficult for businesses to maintain a focus on their goals. Everything is moving so fast that it is easy to forget your business goals. The key to success is to remember that it is your business and you are responsible for the product/service and the quality of that product/service. Your company must move with agility, but the decisions must be in the best interest of the company and must adhere to the values and direction of the business.
In the midst of pressure from customers, investors, and others, often companies forget that what a customer wants today may be totally different from what they want tomorrow when something new shows up on the Internet. Rushing to market has its advantages if you can be among the first to provide a product/service that is highly desired and the product/service continues to be an “in” thing for some period of time. Still, you must consider if technology is ready to support your product/service. If your product/service comes out first, but is a flop because of technology, your product/service will be deemed a flop and recovery will be difficult. In this case, the company that waits for the technology to solidify will be the winner.
It is not possible to take on every idea that comes up. If you try, you will either find yourself trying to be everything to everyone, which is a recipe for failure OR you will be continually changing direction with little or no benefit. In either case, the company’s identity may be lost.
A winning strategy includes carefully weighing new ideas on an on-going basis. Many ideas will simply be dismissed as not aligned with the company direction. Other ideas will need some attention and research for feasibility and value. And, occasionally, you will see an idea that you feel must go full-steam ahead.
Remember, move with agility in the direction you want to go!
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Copyright 2016 L. Thomson - All Rights Reserved