1 Comment
1. Stay focused
Entrepreneurs should always define their company’s purpose within the context of its customers. Mission, vision, operations, messaging — everything should be built around the customer. Often in business — especially since digital technologies introduced new agility to industries — we hear the word “pivot”. Reacting to changing markets is certainly tempting when you operate in a competitive space but leaping before you are ready is not prudent. Keeping your focus often means saying “no” more often than you say “yes”. In the era of digital transformation, more and more businesses do not begin life in a factory, mall, or high street; they are born in the cloud and surrounded by opportunities to build out their capacities. But always remember the fundamentals. Any pivoting should align with customer needs, with the value proposition of the change put front and centre. None of this best practice stops you from prototyping and experimenting, but such testing should occur in such a way as to not drain resources from your core areas. If your experiments bear fruit, then they can deliver value in future operations, but your feasibility studies should not be thought of as core operations. |
Archives
February 2023
Categories |