By Kin Talk on Tuesday, February 11, 2014 with 4 comments
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Prioritize your needs
A major challenge facing businesses entails the digital uprising. Businesses have to embrace change faster or be left with nothing. Another interesting trend has been the emergence of collaborative networks as opposed to the traditional top-down hierarchies.
The author of “Compete Smarter, Not Harder”, William Putsis, announced that the Internet, mobile technology, Big Data and the abundance of available information have radically enhanced the effects of success and failure. “In today’s hyper-competitive marketplace, prioritizing at every step is quite often the key to success.”
Satisfy clients. It is fast-changing world and to adapt one must stick to a fundamental value: “Never take your eyes off what’s most important to your customers.”
This will help you to in improving your product or service.
Always remember this golden rule: The objective of a business is to create customer value and not shareholder wealth for the simple reason that without customers no shareholder wealth can be created.
Follow the money. Good companies value this a lot. Prioritize by focusing on what generates revenue for the firm. The English poet William Blake famously stated that: “The art of the wise is knowing what to overlook.”
Change happens very quickly in today’s setting and prioritizing whatever opportunities that come your way will make the difference for large and small firms alike.
Work together. A lot of organizations underestimate the collective intelligence of people that already working at the business. This is an untapped resource. Top firms such as Google (NASDAQ:GOOG) and Wikipedia collect their employees’ and customers’ combined knowledge.
It is the duty of a good boss to get everyone working on a certain project to convene regularly and have candid conversations to gather information about what’s working and what needs to be changed. When you do this you save time by avoiding to a great extent the rework that comes with traditional management practices.
Google and Wikipedia have become extremely successful because of their commitment to a collaborative network. Interestingly, online shoe firm Zappos recently made an announcement that it is going bossless in 2014.
Keep score. Review your firm’s key indicators of success. When this is done, the leading issues are quickly identified and the resolution takes less time and energy.
Frequently re-evaluate. Since markets are moving at light speed, it helps greatly to pause and look at everything in retrospect. For instance, remember how Blackberry (NASDAQ:BBRY) had a bigger market share in handsets than Apple (NASDAQ:AAPL) and Samsung combined. Currently, Blackberry’s market share is below 5%.
Nowadays, if you don’t take the time to do some retrospective thinking, then the market will likely pass you by fast.
Look for clients in places where they are abundant. Margin introspection will reveal growth opportunities and focus you on where you should be competing or where your efforts should be redirected.
The last thing you want to be doing is to invest heavily in a market which is already owned by someone else. Hence, taking a deep breath and selectively choosing a market segment is a lot more important. Successful businesses compete in the most profitable market segment with tactics and strategies directed to right set of clients.