Is risk always a negative term in regards to business? Obviously, it does take some risks in order to become a successful entrepreneur, at least initially. But how much is too much when it comes to risky behavior in business?
The onset of great ideas can often be described as an “aha moment”! And, it is oftentimes this moment, along with the creative and witty forces behind it, that sparks the launch of a new business endeavor. However, it is critical to remember that it takes much more than this initial “ah-ha moment” to fan into flame a successful, growing business.
When we consider the unheralded companies of old who broke out of mediocrity to achieve dramatic, remarkable, good-to-great corporate transformations, we clearly see that there was no miracle moment. Instead, a down-to-earth, pragmatic, committed-to-excellence process — a framework — that kept each company, its leaders, and its people on track for the long haul.
In addition to this framework, a well-designed, clearly-thought-out marketing strategy to brand each of the companies and to communicate their value to consumers was an essential component to their long-term success.
During a recession, there are typically two ways for a business to adapt.
With a limited amount of available resources, the first method of survival would be for the business to become smaller, more efficient, and better able to survive on fewer resources.
Whereas, the second method of business survival would be to respond to the same pressure by developing capabilities that broaden their markets.
Although it may be more commonly advised for businesses to tighten their focus during tough economic times, the second method of survival may be a superior option for some businesses. Learning to expand their focus by thinking outside the box and utilizing a variety of resources could give them just the strategic advantage necessary to outsmart their competitors.
The first thing most people do when they meet someone is search for ways to make themselves look good. I would like to propose that you do just the opposite.
Instead of focusing on yourself when you make contact with people, search for ways to make them look good.
This practice isn’t complicated but it does take some time, effort, and discipline. Before you meet someone, take a moment to think of some simple ways you can encourage them. The reward will be the positive impact it leaves on those you come in contact with.
Not only does this rule apply to business; it applies to any relationship you have. I challenge you to take 30 seconds with each person you meet today to add value to them!
It’s difficult to change when you think that you must change everything in order to succeed. Changing everything is too difficult.
In nature as in business, the eternal rule is “adapt or die.”
Don’t over think your change strategy…
Keep your customers, but change what you sell to them.
Keep your staff, but change what you do.
Keep your products, but change the way you market them.
Keep your customers, but change how much you sell each one.