Operating businesses are constantly under threats of extinction from competitors, business models, new technologies and customer preferences. Don’t fret: EVOLVE!
A recent Glen Wakeman interview brings out these 3 tips:
BE PREVENTATIVE, BUT NOT COMPLACENT OR AFRAID.
Look for weaknesses in your company and don’t be afraid to hear bad news. For example, steady declines in pricing mean your customers are assigning less value to your products. Don’t rationalize it away by making excuses.
AVOID RATIONALIZATIONS BY LOOKING AT DATA POINTS
Identify trends that can explain upcoming shifts in performance.You can celebrate the what of success but it is better to spend time on the why.
Rely on the trends of hard data, not anecdotes.
UTILIZE TEST AND LEARN TECHNIQUES TO LOWER YOUR RISK OF CHANGE.
While you identify the root causes, prepare solutions that can be implemented in small ways. Avoid big bang solutions that haven’t been tested. Focus on root causes and data collection. Insight always outperforms luck.