No Better Time to be Competitive
Written by Chuck Bean, President,
Baxter Bean
Strategic Direction & Training
Calgary
Small Business Information Centre
Great news! Your company has just won new business. You had the
competitive edge… this time. Unfortunately, competitiveness
for small business is not obtained at a single
point in time and then just sustained. This is especially true
with an economy that continues to be unstable and unpredictable.
So how can your company be competitive and stay competitive?
Smart business owners are pushing to keep their companies on
track, get more in the “customer’s face” and
work hard and steady, utilizing a long term (3 to 5 year) strategy,
while at the same time continually reviewing and entrenching short
term (90 day or under) goals.
This is a great time for good short and long term planning. Right
now is when your competitors may be starting to blink. So what
are you doing about it? Do you have a key customer strategy? Are
you managing by impulse or by plan?
There is no such thing as “bad times / good times”.
There are just times. The company that aligns itself with values
based on staying ahead of the times, regardless of the current
economy, will always win out, and never in the 20 year period
has this been truer. The next year or maybe two will be an outstanding
growth opportunity for those business owners who are serious about
their visions, and a time of change for those who are not.
According to Jim Collins, author of “Good to Great”,
a major contributor to the success of your company will be your
ability to determine what it is that you can be the best at…
and to steadily work towards that vision. This makes perfect sense
and is a common attribute of the finest of businesses.
Get the Right People
The first key to success in ensuring that your company can grow
during even stormy times, is having the right people… and
not just people who like where you are headed! The best companies
are aligned with people who simply “want to be there”.
They are interested in being on or leading the team, regardless
of direction or change of direction.
The best people also have intellectual and emotional capacity.
They are viewed as people who not only can do today’s work,
but tomorrows.
Who and where are they?…very few and very far between.
Keep in mind that the higher your standards, the deeper the water.
If your standards are twice as high as before, you will filter
at least 4 times as many people to fill the roles.
Entrench a Process
Whether it is a “go to market strategy” or a method
of shipping boxes, you must have a process that is failure proof,
repeatable and can be accelerated. It must also deliver better
than average results before ever looking for an automated solution.
Keep in mind that if your method delivers lower than average results,
speeding it up will simply get you to your losses faster.
When you do nail down your process and can prove that it is providing
results that meet your expectations, duplicate and accelerate
as quickly as possible. Whether it is with a software solution
or an addition of manpower, clearly this is your opportunity to
move quickly past your competitors, especially if they are caught
thinking short term.
Understand your Environment
In the storm, be aware of the weather patterns. Watch your competitors
and steal their wind. Look for breakdowns that can be exploited.
Be sure that your offerings are right for the times and future
times. Don’t make the mistake of thinking that you can just
“carry forward” regardless.
Don’t Miss Out
Get help if you need it. True, you will eventually find your way,
but it may be too late. This is the time. Don’t miss what
just might be the opportunity of a lifetime.
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