American corporations have relied on a broad set of principles for over two hundred years. In today’s rapidly changing global environment, it’s time to rethink tradition and adopt modern set of principles. Companies that fail to adapt will fall by the wayside.
Old World Order
In the “old world”, American businesses set the standards by which global competitors had to follow. This is no longer the case. You must be prepared to think on your feet.
The first step any successful manager or entrepreneur must take is to recognize and accept this truth. They must be able to quickly and flexibly move beyond every pre-conceived notion that may have been ingrained since childhood. They must be willing to move out of their respective comfort zones, and adopt entirely new business principles.
An updated set of business processes must change the way companies buy, sell, and market goods and services. New processes will change the way you respond to and service customers. For all of its value, Adam Smith’s division of labor theories don’t necessarily apply to today’s world, and the ability to multi-task and multi-source is at a premium.
The point is not to find quick fixes, simple tips, or practices. Incremental changes won’t get you to where you need to be. Adaptation requires going back to square one and starting from scratch.
Traditional job titles, departments, and roles may no longer apply. Adaptation will require innovation, self-reliance, and risk taking.
To properly adjust to the global marketplace, entrepreneurs shouldn’t just copy what everyone else is doing. Successful managers will find new and creative ways to highlight strengths and improve weaknesses. You must look beyond traditional processes and adopt new techniques.
By making the appropriate adjustments, your company can dramatically improve performance, and zoom past your competitors.
Corporate Navel Gazing
You need to ask yourself the right questions when taking the first steps to restructuring and rethinking your business.
If you truly want to innovate, don’t ask:
“How can we do this faster?”
“How can we cut costs?”
While these are great questions, you must go even further back to gain clarity. Ask yourself:
“Why do customers choose us?”
“Why are we even in business at all?”
You might find that you or your employees are spending a great deal of time completing functions that answer questions from set 1 rather than 2.
An innovative manager will refocus his or her efforts on providing excellent customer service, quality products, and satisfy customers.
Refocusing your efforts won’t be easy. There is no silver bullet. Taking the plunge is an all-or-nothing decision that must be faithfully adhered to.