Great leaders anticipate…
They are visionary and pre-empt the changing market place. Businesses which enjoy enduring success have visionary leaders.
Consider Kodak – 20 odd years ago Kodak was a dominant player in the field of photography and was the first company to create the digital camera. However, they decided not to invest in this technology because they thought it would eat into their traditional business. They missed the boat – the subsequent emergence and popularity of digital photography took them by surprise. They have never recovered and filed for bankruptcy protection. The message is clear – just because you are on top of your game today, does not mean that you will be on top of your game tomorrow.
Business leaders must anticipate the changes that may impact on their products.
- Changes in competition
- Changes in technology
- Changes in culture
- Changes in the economy
- Changes in your customers’ life
- Changes in your employees’ life
- Changes in your life
How often do you consider the trends and the outlook in these areas and the impact the changes may have on your products and services? Who, in your business, is keeping up to date with the trends and outlook for your industry?
Are you selling cassette tapes into a market that is using the iphone to listen to music? Consider the book stores – which businesses anticipated the advent of the audio book, of Kindle?
Consider your marketing strategies… have you considered what media your customers are using to make their buying decisions? Have you embraced social media?
The baby boomers are the largest generation in the world. They are getting older with a tendency to save more and spend less – how will this impact on your product?
Your competition may not come from a local competitor entering your market but from a global competitor accessing your customers through viral marketing via the internet space.
Don’t fall in love with your product, fall in love with your customers. This change in mindset shifts your focus to investigating what it is your customers want now and what they will want in the future.
Embrace creativity and innovation as the key to enduring success in business. Set time aside with your team to brainstorm what your business will look like in the future, what your industry will look like, what your product will look like, who your employees will be and who your customers will be.