Innovate or Fizzle Out
I had a fruitful conversation with a Business Leader yesterday Monday, 15th June – about a successful and popular brand that thrived in the late 1980s, 1990s and early 2000s but later fizzled out because they failed in the franchise model, did poorly in innovation, and performed abysmally in strategy. They built an enviable brand and went to sleep!
My discussion with the Founder of a leading Pharma Manufacturing and Distribution Company centered on knowing why the business failed – and using it as a case study for business strategy. At the end of our conversation, I outlined factors that will help to achieve a turnaround for the business – if new investors decide to come in. The business leaders agreed with my recommendations and conclusion.
Success in business is intentional. There’s nothing like an accidental successful entrepreneur. There’s nothing like an accidental successful business!
Entrepreneurs who run successful businesses plan their success and stay active to achieve success. They don’t stop doing their best when they succeed; they simply step up their efforts because it’s more challenging to stay at the top when you finally get there.
In business, the rule is: be strategic, think smart, work hard and continue to innovate.
Innovation is key to business success.
Find new ways of doing things. Research your environment. Study the trend. Study the market. Study competition. Know the next destination of the market and position your brand to be among the first to get there.
Improve the old ways. Launch new ideas. Do things differently.
Today’s business arena is highly competitive and full of demanding buyers and stakeholders. Folks want the best deals at the best terms. They want to pay less for more. That’s the reality of today’s marketplace.
What do you do? Try these:
1. Get a good team, train and retrain them.
2. Discover your market and their needs.
3. Offer great products and services in the market.
4. Design a smart go-to-market model.
5. Position your brand as the one that gives the best value in the market.
5. Be strategic, consistent, focused and innovative.
If you follow the sequence, you will win a good share in the market.
Winners are intentional.
Give value and continue to give value. The value you give will determine the value you will receive. The more value you give, the more value you receive.
Keep getting better.
Move from good to better, then to best.
George O. Emetuche,CES
The Selling Champion.
