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Innovate to Lead
Innovation
is one of the most important ways to beat the market.
Too many think of innovation as strictly technical breakthroughs
based on research. Examples abound where businesses
took a unique view of their business, found an unfulfilled
need and built an empire upon it.
When Henry
Ford developed the Model T, Ford Motor Car Company became
dominant in the market. General Motors nearly went out
of business in the early twenties due to Ford's dominance.
Then leaders at GM decided that Ford controlled the
low end of the market so what their business needed
to do was develop the high end. They figured that a
lot of people would buy the T but would eventually want
to move up in style and quality. They built their lines
based on the premise that a customer could possibly
be expected to start with a T, move next to a Chevy,
a Pontiac, a Buick, an Olds and finally arrive at the
Cadillac. The strategy worked and GM quickly leapt past
Ford and, to this day, has never sold fewer cars than
Ford.
Sears was
the dominant retailer in the seventies while Walmart
was an upstart. Sears was in every major market. Walmart
looked to see the need in the market and found it in
rural America. In the countryside they could build a
store with little competition and draw from a 60-mile
radius. Experts at Sears determined that their competitor's
concept would never work. History speaks for itself.
From Walmart's simple innovation in marketing, the company
went on to redefine the distribution channel, relationships
with vendors and many other previously unchallenged
facets of the business.
What are
the unfulfilled needs in your market? They are there
but you need to think outside the box to find them.
Why a Whole Year?
Everyone
talks about winners and losers. The implication is that
if you aren't a winner, you are a loser. The fact of
the matter is that there are only a few winners. Those
who aren't winners are players rather than losers. They
like the game and enjoy the action but don't put themselves
in a position to win. They don't take the risky shot
or spend the hours practicing necessary to improve.
They don't spend money on the best equipment or give
themselves the important edge that the winners possess.
In the business
world, the same scenario holds true. There are some
companies that are out to capture the market and they
are willing to take the risks, invest in the tools and
work hard to reach the winner's circle. Most businesses
turn out to be players. They are in business to make
money but there is no strategy for growth or improvement.
They are more concerned with saving money on expenses
than spending money in ways that will help them grow
their business.
Among employees
there are also few winners and many more players. Developing
more winners is critical to the success of the best
companies.
The
Winning@Business™
process requires a year to implement the basics. One
reason is that the scope of results that are achieved
is ambitious. Those results include an excellent process,
great ideas and a team that can achieve them.
Winning@Business™
is like winning at anything. Winning requires that the
business team be composed of winners. Winners have a
winning style, attitude, approach and drive. They work
together to take prudent risks and move the business
ahead. Take a year to develop your team from players
to winners! The longterm gain will far exceed the time.
Clients in the News
Errol Chavkin's
(Los Angeles) client, Talulah G, was lauded in the Wall
Street Journal as a highly successful business while
competing side by side with big chain stores in the
Las Vegas Fashion Mall. Jesse Westbrook's (Little Rock)
boutique client, Scarlet, was written about in the media.
The article told of Scarlet's ballistic popularity as
soon as it opened, so much as to be voted the best hip
clothing store by the Arkansas Times readers. Congratulations
to both Management One® clients!
Quote of the Day
"We
are confronted with insurmountable opportunities."
-- Pogo
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