Here we are, headed into a new year, with a vision of how we are going to change ourselves, do things better, and help others. This is traditionally called our New Year’s Resolution. These resolutions all have one thing in common: change. From changing the way we eat or treat others, we want to change ourselves for the better.
This year, however, we should all think about how we can use the resolution theme a little differently. Let’s apply the concept of resolutions to our business. And instead of resolutions, let’s all set our New Year’s revolutions.
The definition of revolution is a fundamental change in power or organizational structures that takes place in a relatively short period of time. Revolutions should be major changes that help a business or organization maximize its ability to be successful in a relatively short period of time.
To take business to the next level in the new year, develop revolutions in a way that truly transform how business is done. It is critical to adapt and change how things are done to stay ahead of competitors. Otherwise, you will look up one day and find the more adaptive, agile, and innovative companies have taken a different path that you never found. You won’t even know what happened, and it may take years to catch up if you fall too far behind.
To avoid this situation, I can only look at my past experiences as an entrepreneur to help guide others down a revolutionary path. I have found three revolutionary themes that have guided me over the last 18 years in business:
1. Innovation. Business leaders must be constantly thinking about what is missing in the market. Find a niche and develop a business plan around it by asking questions: What are the biggest problems my clients face? What are the main drivers that influence my client’s decisions? Where is the gap in the marketplace? What are my competitors doing wrong? What industries have special needs or problems that my competitors aren’t servicing correctly?
2. Change. Each year I tell our staff that if they are doing their job the same way as last year, then they are probably doing it wrong. Becoming complacent isn’t an option if you want to be successful in business. Employees must always be evolving, which requires change. It can be as simple as giving a facelift to a market research report or as extreme as firing unprofitable clients. Make changes and always be enhancing the way things are done.
3. Agility. I recently participated in an executive training session on agility and the role it plays in the modern day corporate strategic planning. It became very clear to me that if business owners and leaders want to elevate their companies, they must be able to quickly seize opportunities when confronted by them. The lifecycle of product and service development has become so fast that if action isn’t taken, it could result in a missed opportunity. Just think of how quick technology companies like Google are developing and launching new products to the market. Speed-to-market has never been so critical which makes agility a key component to success.
The opportunity is at hand, with the economy kicking into full steam. The current economic cycle has a solid three to four years of growth ahead, so it’s important to be ready. For business owners and leaders to take advantage of it, they must be committed to revolutionizing the way they do business in 2014.
King R. White is founder and president of Site Selection Group, which specializes in providing global location advisory and economic incentive services to corporations. Contact him at [email protected].
