Are You In Pole Position?

Before you read any further stop and think about the primary goal of your organisation.  Have you got one?  Do you and all your colleagues know it? Have a think about it and write it down.

Hopefully you’ve answered yes to both of those last 2 questions and you’ve written something along the lines of “to make money” for your goal.  It’s as simple as that really.  Leaving aside all the good stuff like mission statements, vision and values, all companies are, at the most basic level, machines to make money.   To make money the company must sell its goods and services at a profit. To be really successful it needs to make money for all its stakeholders:

• Its owners
• Its shareholders
• Its employees
• Its suppliers

Now this might seem obvious, but you’d be surprised at how many people fail to come up with this goal without some gentle prompting!

To complicate matters, all companies have competitors and the goal of the competition is to make money.  In order to be truly successful we need to beat the completion: we need to win the race.  In sporting events the competition is always apparent.  We can observe their tactics, capitalise on their weaknesses and learn from defeat.  Business is different.  In today’s global markets competitors can emerge from nowhere and, by exploiting new opportunities, our existing competitors can gain significant advantage overnight.
So how can we win the race against the completion?  Here is a strategy:

Know your market

• Who are your customers, what are their needs and how do they perceive value?
• Who are the completion, what are their strengths and weaknesses?
• How easy is your market to enter – what are the barriers to entry and is it possible to lock out the competition?
• What are your own strengths and weaknesses?  Are you capitalising on your strengths and mitigating against your weaknesses?
  

Know your product or service

• Is it a mature or a young product?
• Where does it sit in the supply chain and are there opportunities to exploit new sources of supply?
• What differentiates your product or service from the competition and how well does it satisfy the need of your customers?
• Are you constantly striving to improve your product or service and does it delight your customers?

Know your people

• Are they the best in the business?
• Do they work together effectively?
• Are they committed to the goals of your business as much as you are?

The business race has no finish line, no winners, only leaders.  To lead the race requires constant vigilance, continuous improvement and sustained effort.
Are you up to the challenge?

By Sean Meeghan - Ology Business Coach, Bradford