Key#12 (Video) Have you Considered Reengineering Your Business? You Should, Your Executive Business Coach Explains Why
Below is a list of companies. The left column is companies that were dominant in their field. The right column is the new market leader. After you look at the list, tell me what the new market leaders all have in common.Blackberry (RIMS) ==== > iPhone (Apple) Blockbuster ===== > Netflix Barnes & Noble == = > Amazon.com Tower Records ====> iTunes (Apple) Walkman (Sony) ====== > iPod (Apple) Incorporate a Business (Attorney) ====== > Incorporate a Business (Legalzoom.com)
Ok, what do they have in common?
The new market leader changed the customer experience with enhanced capabilities and convenience. Also, in most cases the new market leader was not a meaningful competitor to the former market leader 5 to 10 years earlier!
WAKE UP BEFORE IT IS TOO LATE
Everytime you get a new customer, someone else wanted that customer (or lost that customer). Also, a competitor of yours is scheming RIGHT NOW to take your customers! These competitors may not be who you expect. They may not even be in your industry today. BUT, be certain that someone is trying to figure out how to take your customers.
One of the main reasons you need to improve your management of day-to-day operations is so you can focus on the future! Someone wants to put you out of business and you need time to strategize, innovate and plan the future.
PLAN YOUR FUTURE
Question, what are you doing to improve the quality of the products you deliver to the customers?
Question, are you focused on improving operational efficiency?
Question, Have you considered completely reengineering your business? If not, you should!
Wal-Mart, Staples & Home Depot wiped out tens of thousands of small (and not so small) businesses in communities across the country. That is because the managers in those companies “rethought” how people wanted to shop. They realized that people preferred lower prices and larger selection over neighorhood convenience at a higher price.
By the way, Wal-Mart, Home Depot and Staples were small businesses once upon a time!
Think about how business has changed in 10 years, we went from people wanting to know your office address to wanting to know your web address.
NEWS FLASH, web searching is moving to mobile devices. Your website must be easily viewable on every type of mobile device because that is the future of how consumers will source information on products and services.
Are you paranoid yet?! You should be!
Let me clarify one thing. As a Strategic Business Consultant, if you are following the advice I give in the video series the 15 Keys to Building a Quality Long-Term Organization the only thing you should be paranoid about is the future! I tell my clients that we must always be concerned and vigilant about the organization but not paranoid. It is only the competitive dynamics in your market place where paranoia makes sense! Watch the video below, Key #12 You need a Healthy Sense of Paranoia.
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