Building A Thriving Business (What's at the VERY CORE) Pt 5

As a business leader, what really matters are your customers and employees, because they drive innovation. To thrive as a business in the Nigerian economy, and I dare say everywhere, you need to keep GROWING. But, you can only experience continuous growth through innovation.

Strategic Innovation

I'm not talking about never ending improvement, because every business needs to be constantly improving to survive in the market place. Rather, my focus is on standing apart; always being one step ahead; being sustainable; being successful; being the first to a trend with significant upside; coming up with unique ways to create value, more than anyone else in your market; changing the rules of competition in your market; creating new markets within your market; creating entirely new markets; I'm talking about strategic innovation.

What Used To Be

In the industrial age; the BTC (business to customer) era, being innovative meant, new product features/modifications, new services and ads/commercials, and a product life cycle could last for up to 10 years. But Now, in the CTB (customer to business) era, customers aren't even satisfied with just one new product feature or service, every other year, as a product life cycle has shrunk to barely 6 months. It's imperative more than ever, for a business, to CONTINUALLY look to strategically innovate, in order to experience CONTINUOUS growth.

Stay Tuned

Coming up next week, are examples/case studies of driving strategic innovation through customer focus....see you soon!


Comments

Post a Comment

Popular posts from this blog

Building A Thriving Business (What's at the VERY CORE) Pt 2

Image
Last, we talked about clearly defining roles for every team member, and the 20-80 rule. So this week, let's digg deeper into the rule. What Really Matters Some might think this is just talk, but don't be deceived, success is not by accident, it's planned. To build a thriving business you need to plan for it. Now, the 20% effort every team/business leader should be focusing on is not based on allocated activities; that will never yield 80% of the desired result. What I mean is that, they shouldn't be focused on taking 20% of the work; in fact that's even worse, because the team will see it as not pulling your weight. Rather the 20% effort is ensuring that every team member has BOUGHT INTO THE VISION. The Power Of One Voice When there is unison in a team, it is equivalent to an immense amount of energy that can break down a boulder. Unity in vision is what really matters. That's what ensures your team members remain vigilant and accountable even when you
Read more

Being Resourceful Pt 2

Image
If it wasn't obvious in the last post, being resourceful is the key to getting anything in life. But this week, I want to focus on another underlying truth people neglect; one which their lives consist of, and that is,  experiences , and the treasures they hold. What Does Life Consist Of? Life is the combination of experiences. To live a full life, you need to fill it up with experiences. How many you may ask? As many as you possibly can. What kind? Ones that have learning opportunities. NOTE, don't confuse gratification for a learning experience; gratification is temporal, and if not checked could hold you back, but what you learn can live on forever. Just as there is benefit in experiencing new things, there is also loss, if you stop experiencing new things; you might as well be dead. We all know death is inevitable, but with a healthy obsession for growth, you have a good chance of keeping it at bay. More Than Meets The Eye Now, what is there in our experiences to glea
Read more

Building A Thriving Business (What's at the VERY CORE) Pt 11

Image
Business is all about getting paying customers, for as many times as possible, for the longest duration possible, by leveraging the assets in the business. There are tangible and intangible assets in a business, but where most of the windfall cash is lying dormant, is in the intangible assets, such as marketing, innovation, goodwill, sales, market identity and advertisement. The job of the business leader, is to strategically leverage these assets, to get the best and highest yield possible. Be Strategic The setbacks of techniques/tactics, such as sales techniques, is that they are short term plans, that can be found out by your targeted prospect, and any kind of goodwill generated could be lost. Every business leader should always be thinking long term; looking towards the back-end of every sale. They should be asking,  How much value can I keeping adding to my client? These could be in your marketing, innovation, advertising or pricing. By being a valued expert, rather than a s
Read more