Some business owners usually hope that their business will grow by sheer luck. Unfortunately, luck is not a strategy. Good wishes are not strategy. You must be delibrate in your quest for business success.
Newton’s first law states that every object will remain at rest or in uniform motion in a straight line unless compelled to change its state by the action of an external force. This is normally taken as the definition of inertia.
His third law states that for every action (force) in nature there is an equal and opposite reaction. In other words, if object A exerts a force on object B, then object B also exerts an equal and opposite force on object A.
That means, life responds to you according to the investment you make in it. You can’t get out of your business what you didn’t put into it. Nothing happens by chance. Every action generates reaction. And if your action is not proprtionate to the reaction you need, you’ll remain at the same spot.
What are the 4Es?
A business owner must be inquisitive. He must consistently be on the look out for ideas and strategies. He must never get to a point where he is completely engrossed with day-to-day running of the business and fail to generate fresh insight.
Let’s assume you want to increase your market share in your industry. To achieve this you should explore what it takes to increase the number of people that purchases your products or services daily.
That exploration will dovetail to gathering data. You will interview as many customers as possible to ascertain what you are doing right or wrong. You’ll find out whether you should make some adjustments on your products and services.
You will also study your competitors to ascertain what they are doing better than you. That will help you to know why customers flock in their outlets.
Exploration is to gather data that will help you to make informed decisions in the organization. Making blind decisions is the reason business owners and leaders engage in trial and error.
After exploration, set up a team of brilliant minds to dissect and cut through the data. Information that is not evaluated will not be useful.
For example, any time we are consulting for our clients, especially ERP, we spend more time to gather data and in-depth analysis before application. People make terrible mistake when they gather data and run to apply it.
That is why you must register with our consulting firm to help you deal with issues like this. You need data but you need professionals that specializes in data collection to be able to dissect it.
There Are Four Criteria for Picking the Best Solution:
(i). Consider the Risk
The CEO must weigh the risk of each course of action against the expected gains. There is no riskless action nor riskless non-action. But what matters most is neither the expected gain nor the anticipated risk, but the ratio between them.
(ii). Less Effort More Result.
Which of the possible lines of action will give the greatest results with the least effort, will obtain the needed change with the least necessary disturbance of the organization? Don’t pick a lion to chase after a fly.
If the situation has great urgency, which preferable course of action can be applied immediately with predictable results? If the problem is not urgent, you may not consider this while making your best choices.
(iv). Limited Resources.
The most important resource whose limitations have to be considered are the human beings who will carry out the decision. No decision can be better than the people who have to carry it out. Their skills, vision, competences, and understanding determine what they can and cannot do. So, the capacity of your employees may determine your choice.
On the other hand, the right people who may carry it out if that is the only best decision may be found from outside the company. Probably a consultant. The unfortunate thing is that many CEOs make decisions, develop procedures and enact new policies without asking themselves; do we have the means of carrying these out? Do we have the people?
You may not be the one to implement your findings, your team will. You need to become the proponent of the discovery.
Jack welch shared this story. “Fox News was launched in 1996 by Rupert Murdoch, an entrepreneur’s entrepreneur, in spite of being the owner and CEO of News Corporation, a multibillion-dollar conglomerate. Rupert wanted to get into cable news and was willing to spend whatever it took.
Rupert’s first step was to hire someone to run the new venture. He found a match made in heaven with Roger Ailes. After running several successful campaigns, Roger had worked at NBC for three years, putting the cable channel CNBC on the map. He had just launched another cable channel for GE called America’s Talking. But he lost it when GE used the assets of America’s Talking as its contribution to creating MSNBC, a fifty-fifty joint venture with Microsoft, which put up the cash.
Roger left NBC in frustration, but Rupert was on his trail immediately. He believed that Roger was the perfect new venture manager—bursting with ideas, and passion—plus the burning desire to beat the company that had taken his “baby” away.”
As the leader, you must thoroughly inform your team about the discovery. Talk about it in all your meeting. Organize a special training to show your team what you found and why you believe that the strategy should be applied.
It is time for application. Don’t plan forever. Don’t spend a year showing your team what you found. The reason for data collection and analysis in the first place is to grow the business. So, start. Implement it.
No matter how good your discovery is, if you do not apply it, it will not yield any result. As the CEO, your job is to sell the decision to your team, and make sure they buy into it. If they do not buy the idea, the implementation will be very difficult.
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