Good Strategies for Tough Times
“Companies that have adopted new ways of thinking about sales are thriving and those who are trying to do more of the same old thing are struggling. “ explained Errol Greene, the principal at Verity Insight Partners. “The fact is that not only has the economy changed but the way people do things have changed.” This is what I’ve heard from other people. “Our members have told me that they don’t want to think differently.” said an Executive Director of an industrial association with a significant size. “They really just want to get some government money to get them through until things return to normal.” Which companies do you think are doing well in this recession?
The Definition of Insanity – Doing the Same Thing Over and Expecting a Different Result
Apple couldn’t compete with Microsoft. In fact it was the case that the Mac wasn’t in such a bad state that they sold some of their business in the hands of Bill Gates just to get money to keep them going. Their chief executive as well as C.E.O., Steve Jobs was gone and they couldn’t gain access to the personal computer since Windows was less expensive and more extensively available. When Steve Jobs returned What was his response? It was not to shift the primary focus of Apple from computer systems to wireless handheld devices. What did it mean? Apple created its own market in which they can be dominant. Through innovation and experimenting with different methods, Apple has rebounded to the point where they are now more powerful than Microsoft.
How to Build a Sustainable Competitive Edge
The main thing to consider for any business is to create an environment that allows ideas to flow, and yet be able to reach the short-term financial and production objectives. In many organizations it’s like planning an excursion across the country while sitting on the treadmill. It takes lots of energy just to move around and you don’t seem to get anywhere. The trick is to allow your most valuable resource , your people, to communicate and develop concepts. The question is how can you accomplish it? Here are some quick ideas you can employ to create an environment that is ready to adapt and change.
1. Focus on Practical Innovation
What is the definition of practical innovation? It starts by giving people the opportunity to think differently. Offer them the tools and the rewards they need to think in a different way. Once you have that, you can filter your thoughts down and start creating a plan. Following that is to implement the plan and creating the necessary measurements to see if the strategy is effective. When you analyze and solve issues that arise, you take on new issues by rethinking your thinking about the issues.
2. The Talent Management Strategy – Moving from Loyalty to Commitment
Honor people for the work they’ve done and for their achievements, not just their longevity..Here is a revolutionary idea Give people the tools they need to get a new job! This may sound as if it’s a weird idea but it’s the concept of offering outplacement internally. Why? Because a lot of management for careers is based on achievements! This is why that we conduct behavioral interviews. The past’s success can lead to success in the future is the premise behind the concept of behavioral interviewing. When you provide people with the tools to manage their careers, like tracking their achievements and compiling an impressive resume that highlights the work they’ve done prior to the time they depart they are encouraging them to be engaged and high performers. If you allow them the opportunity to achieve to the point that they can be sought-after elsewhere, they’ll stay with you. This is similar to the old saying that if you release them and they don’t return to you, they weren’t truly yours in the first place. Everyone, regardless of whether they would like do or not need become entrepreneurs. They must realize their role as C.E.O.s from their very own firm named ‘Me Inc. and the more successful the product, the higher the benefits.
3. Create a Common Language
The truth is that how people communicate can have a direct influence on their capacity to invent. Negatives like “but” and “however’ are able to stifle both ideas and participation. Through the creation of a positive, universal language, ideas get an easy flow and can be generated quickly and in ” real time“. A common language not just in generating options but inspires people to come up with solutions, instead of staying in the same routine.
4. Look at Your Rewards
People react to the way they are rewards are. If you reward those who don’t show their head and are safe they send a message to the rest of the world that the only method to achieve success in your company. It’s all about being quiet. The way you reward employees includes bonuses, promotions, rewards as well as punishments. Empowerment is a form of reward too. It lets people know that you trust them, and allows the person to implement their concepts.
5. Take Care of Your People
If people are feeling stressed or experiencing an emotional or difficult time It is extremely difficult to come up with new ideas. Stress, burnout, stress and anxiety all contribute to lower performance , and consequently less creativity. If you’re looking to get someone to engage, allow them some time at work to address an issue that is personal to them. It’s amazing how once the crisis is over the extent of their commitment will be to the company.
6. Encourage Real Diversity
If everyone agrees with everything, then there’s one viewpoint that is not enough. Diversity isn’t about being different, it’s about different people having different opinions. Recently, they conducted a survey on two of the biggest publications and discovered that more than 90% of those who voted favored that same individual. This means that these newspapers have earned the reputation of presenting biased views . Their readership and advertising are so low that one of the publications ( Newsweek) was recently bought for $1. You should look for individuals with different backgrounds and experiences. Instead of hiring someone who has corporate experience You hire someone who runs their own company. If you’re in high-tech or perhaps you are looking for candidates from the manufacturing industry. The issue with many businesses is that they recruit individuals who are similar to them’even though they appear different. Conflicts, in the context of respect for each other could be a positive thing. My father, who was the owner of a huge department shop in Missouri used to tell me that you must sometimes listen to your adversaries because they can tell you things that you should hear and what your friends are scared to share their thoughts.
7. Clear Communication
Two rules of business 1.) If you make a promise to deliver that it will be delivered by Thursday, deliver it by Thursday . Second) Never promise it before Thursday. Be honest with your clients and don’t make promises that you aren’t able to keep. If you notice something is changing, tell people. They’re likely to know in anyway. Innovation is closely tied to communication. Indeed, communication is the foundation of innovation. Respectful, straightforward communication is the foundation of innovation.
Part of Your Strategic Plan – Harnessing Your Collective Genius
McDonald’s is, as everyone knows, is among the most popular chain restaurants worldwide. There’s a story that I learned about its founder, Ray Kroc. Kroc as with everyone else had weaknesses and strengths. One of his weak points, and surprisingly, was the ability to innovate. He was an expert in process development however, what he was having difficulties finding innovative ideas that would benefit the business. In the 50’s there was a challenge that McDonald’s faced. The majority of clients were Catholic and at that time, a significant portion of Catholics didn’t eat meat on Fridays. The McDonald’s franchisees demanded something else be invented apart from hamburgers to ensure that they wouldn’t perish from this lucrative market on Friday. Kroc made”the” Hawaiian Burger. It was a grilled slice of pineapple served on buns. It was like an air balloon. One of Kroc’s strengths is realizing that he could not have all the answers , so He threw it back at his franchisees. Someone suggested that they use fish along with bread and fry it, and then introduce the product instead. The Filet-o-Fish was born, and it became one of McDonald’s most popular items.
The lesson here is that, no matter how clever or inventive you are nobody can think of every new thought every single time. Every business must constantly draw on the collective creativity of their employees. This is basically the only sustainable, competitive advantage that you can get to help them get through difficult times.