Successful entrepreneurs and small business owners need to be good tap dancers. Today's business environment is changing in a fast and furious way. Product life cycles are shorter, government regulations are intrusive, and of course, the market changes almost on a daily basis.
We have never witnessed the enormous advances in technology, and the changes in global competition we're seeing today. Even though it is politically incorrect, company outsourcing to the Far East, India and other former third world countries is happening on a pace never seen before. Foreign companies now can produce product more inexpensively and for the most part with very good quality.
So what does the American entrepreneur do now? I strongly suggest we change our mindset! One of our major disciplines should be to manage all this uncertainty and even expect it. Always be ready for it.
Here are five strategies for success:
1. Keep current on all the new technology and invest in it. Make yourself and your employees as efficient and productive as possible. Smart phones are now becoming the command centers for many small businesses, so keep up with the newest apps that make it easier for you to manage the enterprise.
2. Communicate to everyone in your organization that change will be a constant in our business lives. Be ready for it, and embrace it. Not only does the small business owner have to deal with uncertainty, but everyone in the company has to as well. Make sure they're prepared.
3. Schedule a "windshield" meeting every month with your staff. Brainstorm what your competitors are doing and get feedback from your clients and customers. This will help you look into the future and adjust to the upcoming tsunami of new competitors and new regulations.
4. Make decisions quickly. We no longer have the luxury of taking our time to make major decisions. The market and the uncertainty mandates that we make decisions promptly, even though they may be half or totally wrong.
5. Execute to perfection. I think we should say execute ruthlessly. If your staff doesn't keep up and execute accordingly, find a new staff. Streamline your processes and cut costs any place you can, without sacrificing quality. Most business owners are good at planning, but poor at execution. So learn how to do it, pay attention to the every detail, have a plan, and be the company ramrod.
By embracing a mindset of change and uncertainty, small business owners will thrive in the new economy.
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