People don’t do this enough in businesses today. Instead, we just copy what we see someone else doing. What the pier business is doing may not even be the best but we copy it anyways. I heard a quote from someone a while ago and it says “If you do what everyone is doing then you will have what everyone else has”. To me if everyone else has the same thing than that result is mediocre. (personal opinion) in order to stand out you have to think. Not just about anything, but think specifically about your business while keeping three things in mind. Hindsight, insight and foresight. Let me explain each of these three areas that you should think about concerning your business.
If your business is new than you may not have much historical data that you can look at. However, you can always look at other companies and get some information that can help you make some excellent decision in the future. For example, how was the industry sales for your business last year at this time? Why were they either good or bad? What were the factors that influenced the industry to either go up or go down? It’s this type of analysis that can help you prepare for the future success of your business. If we think about the global financial crisis which really arrested the USA, understanding what caused US economy to crash can ensure that you position your business in a way that you can survive something similar from happening in the future. Analyze the data. Crunch the numbers and figure out why certain things happen.
When you think about insight you are focussing on your business internally. What is it about your business that can give you the edge? Insight can also about your knowledge in your industry about a new trend. You may have thought about the direction of your product or service and as a result you can position your business to generate greater profits or success. A strong part of having insight is also knowing what you do well and understanding how you can maximize your strength to move forward.
Having proper foresight is a trait that excellent leaders have. A lot of the great innovators of our time have excellent foresight. They are able to make an educated guess about their industry and position themselves to be at the forefront of the market. Foresight is what has propelled companies like Apple, Google & Facebook into the billions of dollars range in the world. An example of a company that did not have strong foresight would be Blockbuster Video or Kodak. These companies don’t exist as they used to any longer. As the world changes it’s important to understand what areas of your industry will also change. Analyzing that change in your industry, you can determine if you need to make a drastic shift in your business so that you can survive. Or if no adjustment is needed. As the leader of your business, a Finley decision is extremely important. Take too long and you will be left behind. Move too quick and you might use up all of your resources.
Overall, thinking or analyzing is extremely important for the success of your business. In spending dedicated time each day or week, you should come up with many ideas that can be implemented into your business that can push it to the next level. Take the time to think. Not enough people do it today.