A few years ago I published a book on actual business stories and practical real-life experiences that I believed related to all business owners. There were examples of key topics I knew had worked for others in business. However, now I revisit that publication, I find that much has changed over time and some are no longer relevant. More importantly, COVID 19 has changed the way people shop and highlighted how business need to change their business model.
Success comes by raising your standard, by challenging your business model, embracing change and through a culture of innovation.
The speed of change has been driven by the internet, global influences, changing consumer attitudes, new IT devices and applications and social media. Now we have our 5G mobiles, Apple watches, iPads and powerful tablets, cloud computing and we read books on Kindles and Tablets. there is an app for everything and change is constant.
Instagram, Twitter, numerous other platforms, and Linkedin are real marketing and reference tools that are growing bigger everyday. Those who don't find a way to use them effectively to improve their business will be left behind. Consumers have far greater control over how they find and purchase products and services. The problem with Twitter is the lack of control on some of the malicious and vindictive posting by malcontents. However if you filter who you follow you have some control.
Many of us have knowledge, experience and wisdom that can be shared and can add value to others. We all need someone who can challenge our thinking and test the WHY.
In these uncertain times, families in business who don't stop and seek a better or new direction will eventually end up on the bottom of the bell curve. Statistics show most family business do not survive past the second generation.
'The simplest advice is often the most effective. Can you articulate a clear and decisive picture of your business in 3-5 years? I asked a group of regional business owners in a planning session to take ten minutes to draw a pictorial version of their business in 2022. Not one was able to demonstrate an understanding of the future vision that would entice clients, staff and stakeholders to become engaged in or get on board (On the bus as we have all heard before). I am reminded of the two Aussie Beach Volley Ball gold medal winners at the Sydney games. I read that at the end of every practice session before the games they stood a box and acted out the vision of being awarded the gold medal. Do you know what the your end target looks like? As S Covey says 'Begin with the end in mind.' Bill Winter
In these uncertain times, families in business who don't stop and seek a better or new direction will eventually end up on the bottom of the bell curve. Statistics show most family business do not survive past the second generation.
'The simplest advice is often the most effective. Can you articulate a clear and decisive picture of your business in 3-5 years? I asked a group of regional business owners in a planning session to take ten minutes to draw a pictorial version of their business in 2022. Not one was able to demonstrate an understanding of the future vision that would entice clients, staff and stakeholders to become engaged in or get on board (On the bus as we have all heard before). I am reminded of the two Aussie Beach Volley Ball gold medal winners at the Sydney games. I read that at the end of every practice session before the games they stood a box and acted out the vision of being awarded the gold medal. Do you know what the your end target looks like? As S Covey says 'Begin with the end in mind.' Bill Winter
Insight No 8
MAKE SURE THE NEXT GENERATION WORK OUTSIDE THE FAMILY FIRM.
There is a saying that insanity is continually doing the same thing everyday expecting a different result. If the next generation come straight into the business from school, TAFE or university, what hope do they have of learning anything different, particularly in relation to being exposed to different leaders and ideas?
In corporate life they will experience the diversity of silos, politics and egos.It's valuable learning.
Life is a journey of many different experiences and if you catch the same buss everyday and look at the same scenery, how will you advance your mind or see new opportunities?
It should be compulsory for the next generation to spend time n at least two other companies.Preferably large enterprises with great commercial disciplines in place. Send them overseas if possible to expand their horizons.More importantly they need to develop and their own networks.
MAKE SURE THE NEXT GENERATION WORK OUTSIDE THE FAMILY FIRM.
There is a saying that insanity is continually doing the same thing everyday expecting a different result. If the next generation come straight into the business from school, TAFE or university, what hope do they have of learning anything different, particularly in relation to being exposed to different leaders and ideas?
In corporate life they will experience the diversity of silos, politics and egos.It's valuable learning.
Life is a journey of many different experiences and if you catch the same buss everyday and look at the same scenery, how will you advance your mind or see new opportunities?
It should be compulsory for the next generation to spend time n at least two other companies.Preferably large enterprises with great commercial disciplines in place. Send them overseas if possible to expand their horizons.More importantly they need to develop and their own networks.
Insight No 16
STAY ONE STEP AHEAD
I remember.a quote 'If want to know the future you have to create it"
unless you are a large enterprise with with endless cash to spend it's not financially practical to try and force a change in consumer buying habits..Success in any the market segment means you should focus on needs and not habits.
However, you must be alert to changing trends. Make it your business to know what is going on around the world and the trends in your industry. Then you can develop guerrilla tactics to gain an advantage to your identified targets.
Don't be afraid to copy ideas that are working elsewhere. just make sure you don't breach copyright of infringe on intellectual property rights.
STAY ONE STEP AHEAD
I remember.a quote 'If want to know the future you have to create it"
unless you are a large enterprise with with endless cash to spend it's not financially practical to try and force a change in consumer buying habits..Success in any the market segment means you should focus on needs and not habits.
However, you must be alert to changing trends. Make it your business to know what is going on around the world and the trends in your industry. Then you can develop guerrilla tactics to gain an advantage to your identified targets.
Don't be afraid to copy ideas that are working elsewhere. just make sure you don't breach copyright of infringe on intellectual property rights.
Insight No 25
KEEP A RECORD OF EVERY CONVERSATION AND MEETING
This applies equally to both franchisee and franchisor. Right from the very first conversation you have with a franchise consultant of franchisor, make diary notes of what is discussed and record times and dates.
If something goes wrong in the future this will be invaluable in any attempt to resolve any problems. These notes are your only record of what was said or promised when you were making your initial decision to buy into a particular system.
I have first hand experience of the value of accurate diary notes in the past when I have mediated in franchise disputes.
In particular make exact notes of what the responses were when you asked about what happens when you on sell your franchise. make sure you understand the details within the Franchise Code of Conduct.
KEEP A RECORD OF EVERY CONVERSATION AND MEETING
This applies equally to both franchisee and franchisor. Right from the very first conversation you have with a franchise consultant of franchisor, make diary notes of what is discussed and record times and dates.
If something goes wrong in the future this will be invaluable in any attempt to resolve any problems. These notes are your only record of what was said or promised when you were making your initial decision to buy into a particular system.
I have first hand experience of the value of accurate diary notes in the past when I have mediated in franchise disputes.
In particular make exact notes of what the responses were when you asked about what happens when you on sell your franchise. make sure you understand the details within the Franchise Code of Conduct.