This 3rd and final of my big question series shares something important with the other two (question 1, question 2 here): the answers to each question require you to step away from your day to day, hour to hour business issues and contemplate what is critical, but not urgent regarding your business. I encourage you to do this often because it can mean the difference between long term sustainability or incremental obsolescence.
3 great ways to leverage your current business model:
1: Make culture your most valuable asset.
Leaders of businesses I know that have thrived for decades tell me their culture is by far the most valuable asset they own. They see their culture as an “operating system” that makes the right decisions and behaviors obvious. A strong culture also attracts the right people and has high value for clients. Look at businesses that seem to perpetually thrive. What is it that endures beyond the turnover of products, services or even people?
2: Think “scalpel” vs “machete” when evolving your business.
Seeing the necessity to evolve is critical, but do it in a way that won’t kill your existing business. Remember you do not have to chop off a viable piece of your business to grow another. Understand what brought you to the dance (ie your core competencies) and take small steps at the right pace. Quantum leaps have claimed many victims. Make your changes “additive” vs turning away from your legacy business.
3: Have a clear vision then Communicate, Communicate, Communicate!
Communicate in your actions, priorities, and words. A great vision is simple and human. Say something real, as if you are saying something important to a trusted friend. If your vision is simple and real, people will feel something real about your company. They won’t have to memorize what you are about or why they are motivated to be on board.
You can’t be looking down all the time and expect to evolve and adapt your business to the changing market. Make a regular date with yourself or your team to look out beyond the urgent day-to-day stuff and really think about what you see. Design these dates to be true disconnects from the daily distractions. This often means getting out of the office, making it fun, and making it a totally different experience than another day at the office. I promise this time will never be wasted.