First published in 1943, Maslow’s hierarchy still provides us with a pattern of human motivation [1] and is so eloquent in communicating its purpose. It recently occurred to me that there is no similar pyramid for companies. I tried to find one, even asking several experts, without luck. I challenged myself to adapt this pyramid to the needs of companies. Explaining the hierarchal needs of companies helps us understand that companies operating in different spaces have different beliefs, needs and expectations.
strategy
Competing Too Hard Will Kill Your Business
Working with CEOs and management teams to create growth strategies, I watch for existing practices and attitudes that may hinder growth. It’s challenging enough to launch a new venture or a restart a faltering business without creating internal obstacles that weigh it down. An unrealistic view of competition can severely limit or slow the company’s rate of growth. A famous CEO mentor was fond of telling me, “If you don’t have a competitor, you don’t have a business.” Competition is a great motivator. If you have a company in a market with no competitors, either the market you’re pursuing isn’t really viable, or you lack the constant competitive motivation needed to keep you at the top of your game, or both.
Don’t Give A Toaster: Business Principles Will Save Your Shopping List
The turkey was delicious. Now it’s time to go shopping! But first, let’s take a look at a process that will make your shopping list easier than ever before. The same principles used by profitable businesses can net us savvy shoppers the adoration of our children, love of our spouses and maybe even the respect of our in-laws. Use these three business principles to help pick out the perfect gift:
Make Failure Your Teacher in Innovation
In an economic environment fraught with uncertainty, many companies face intense pressures to innovate in order to capture more market share or gain new markets. In this quest for the holy grail of innovation, leaders find themselves grappling with the question of what they can do to spark innovation within their organizations. The deceivingly simple answer is: act in ways that enable rather than stifle innovation. But what does this mean? Below, I will focus on two key points, underpinned by empirical research and practical experience, relevant for leaders trying to foster innovation.
Discover Strategy and Innovation Leaders for a Competitive Edge Community
I am eager to introduce you a growing community that I am helping shape. Strategy and Innovation – Leaders for a Competitive Edge is an exciting group with a fresh perspective. We are a collection of business professionals who focus on the intersection of strategy and innovation and how to implement within a profitable environment.
Great innovation + poor strategy = Failure
As many people can tell you, I like to talk about the importance of combining innovation and strategy to ensure long-term company growth. And I’ve learned that lesson first hand. I used to work for Motorola and, while there, bought some stock in Iridium. Iridium was a satellite phone system that could replace all of our limited coverage problems with phone service that worked anyplace on earth. Innovative and cool! My stock purchase was only $1,000 but I just knew that stock would do well. I even chose not to sell when the stock almost doubled, believing that there was still a strong upside. Instead, I held on until the astonishing drop to a nearly zero valuation.
Are You Ready for Risk? Or Falling Behind?
What type of environment have you created for innovation within your company? Ever wonder how that compares in your industry? It is important to know how we stand when we start evaluating the competition. Compare your strategy and innovation approach to industry standards in five minutes by completing this multiple choice questionnaire. You will get a powerful, easy to assess report within seconds. Ask for more information or stay completely anonymous.
Is Your Company Geared Up for Growth?
“Gear up” means “to prepare for something that you have to do” or “to prepare someone else for something” (source: Cambridge Dictionary). To assess whether your company is prepared to grow, ask whether your management team has clear answers to 4 questions: Does the company offer something special enough to compel customers to spend money? The instinctive answer is “of course it does.” After all, a customer base exists and the company is stable, even if growth is slow. But can the management team relate a shared, crystal clear vision of the company, its category, and its primary benefit?
Has the Technology Life Cycle thrown you a curve?
I made the case for scheduling time for strategy development in my post Do you give employees time to goof around? Some do!. I believe all companies should find the right balance for time spent on strategic thinking. How does your company strategize to best use resources for your current technologies? How do you plan for the products that aren’t yet being considered for R&D?The starting point for your answer lies with the technology life cycle curve.
Just what do you think you’re doing, Dave?
I often find myself explaining to potential clients how Visionex can help with both short-term and long-term needs. A great movie analogy comes in handy. I like to use the “Progression to Self-Awareness” discussion. Yes, it’s a reference to HAL in “2001: a Space Odyssey,” and it helps relate how successful businesses should be more like this fictional tale. (I hope that it’s still fictional!) This analogy* is useful as I believe ALL companies should spend time thinking strategically. Unfortunately, too many are stuck in “firefighting” mode.