10 Rules for Business Success in our Current Economy

boats in harbour

Frank Wehrmann
Director
6P Marketing

Rule #1: Expect Volatility

We are seeing an exponential increase in the velocity, complexity, and unpredictability of change. This increase creates a hypercompetitive business environment both locally and internationally. Thinking and doing things the way you did a few years ago is simply not an option. We are part of a Global economy.

Think Convergys.


Rule #2: Invent New Rules

Because turmoil churns up new opportunities, seize the moment and invent your own new rules of engagement and make others follow you! Competitive advantages and profits will belong to innovators who transcend the existing parameters of competition.

Don’t think desktop, laptop or tablet, think smart-phone.

Rule #3: Innovate or Die

Develop conscious strategies and mechanisms to promote consistent innovation. Resting on your laurels is simply not an option; winners are innovating and surpassing themselves constantly.

“The road to success is constantly under construction.” — Stephen Tyler.

Rule #4: Break Barriers

You must dismantle the internal barriers that used to define people, departments and disciplines. The boundaries between firms and their outside suppliers, customers and sometimes even competitors are also under severe pressure.

While we all want to win, competitive is “out” and “collaborative” is in.

Rule #5: Be Fast

Under-promising and over-delivering is everything and in that context fast is better than good. These days it’s far better to be 80 percent right and on time than 100 percent right and miss the boat.

Think Blackberry Playbook.

Rule #6: Think Like an Entrepreneur

The days of depending on corporate size and reputation to drop opportunities in your lap are over. Entrepreneurs go out and make things happen and allow themselves to fail and improve because of it.

Manitoba has ~78,400 businesses. Only 800 have more than 100 employees.

Rule #7: Global and Local are the Same Thing

The fastest growing markets in the world today are outside North America. Companies and individuals in Winnipeg shop here, in Grand Forks and in China all on the same day.

Think! What can you offer your customers that the rest of the world can’t?

Rule #8: Never Stop Learning

At the end of the day, the only truly sustainable competitive advantage will be your ability to learn faster and better than your competitors, and to turn that learning into new products, services and technologies before your competitors can imitate your last innovation.

Consider this: information that is now FREE to download from thousands of websites used to cost hundreds of thousands of dollars. It’s all there. Your only cost is your time. Turn off the TV and LEARN!

Rule #9: Measure Performance Differently

Concentrate on key strategy and profitability drivers, the ones that reveal the underlying dynamics of your business. Focus your energy on what really drives the future success of your business.

Stop reading self help books and “studying” the best practices of others. Rewrite your own business plan. Explore the relationship you have with the customers you like best and figure out how to get more of those customers.

Rule #10: Be Nice

In a world where (digital) change is the constant, some forget that in the end it’s still about you and me. If I don’t trust you – you’re toast. I’m moving on. Share of heart is still a prerequisite to share of mind and wallet.

Reward and promote the good people who believe in you and build your brand, and send all the others off to see your competition ASAP!

 

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