“If it’s not broke, don’t fix it.” I’ve probably heard variations of this adage many times; sometimes from so-called experts and industry veterans. Certainly, I’ve heard it in many internal staff meetings. In reality, for any company that aspires to sustained growth, that’s probably the worst advice one can get. Entrepreneurs who have achieved sustained growth routinely point to key “inflection points” when they had to make significant; sometimes even radical changes. This has certainly been true in this writer’s experience. One can’t look in the rear-view mirror to figure out how to continue to grow a business.
Success in today’s market demands a rigorous commitment to ongoing assessment of the market. Many people are familiar with SWOT analysis. Look inward to assess company’s Strengths and Weaknesses relative to the competition and then look outward to see where the Opportunities and Threats are. In developing a strategic business plan, this analysis will help identify the changes necessary to keep growing. SWOT can help figure out how to best leverage company strengths to pursue emerging market or what weaknesses need to be addressed to remain competitive. In the world of technology, two companies come to mind. Hewlett-Packard reinvented itself from a mainframe OEM to become the market leader in printers and Apple shifted away from the desktop PC market to dominance in the consumer multi-media space. Each of these companies fostered a culture of innovation that allowed change to take place.
Remember, imitation is the sincerest form of flattery. Competitors will look to emulate success models, so the challenge will be to figure out how to adapt and grow in new and exciting ways.
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This is excellent advice for anyone in any line of work: to always watch for changes around you (markets, competitors, legislation), how they can (and they will) affect you and your business, and to be open at looking at ways to improve. The use of process to reduce emotion and subjectivity will always improve your chances of success in any of these endeavors. Seek the advice of someone who can help you do the research needed to objectively makes those hard evaluations.