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To achieve success in your business despite today’s volatile global markets, you and your team must have a mindset that goes beyond the traditional strategies of repeatable processes and lower costs. Everyone in the company must adopt the principles of customer-first focus, agility in responding to change, and constant innovation to improve your processes as well as the solution.
In my experience as a business advisor, I often see these principles followed at the highest ranks of leadership, but find them negated by low engagement at the team level. As a leader, it is your challenge to communicate the right messages to motivate everyone. As a team member who also wants to get recognized and promoted, you must demonstrate by your actions the right mindset.
Here are the top seven key strategy elements that I believe will facilitate your achievement of a winning mindset, for you and for other future leaders on your team:
1. Expect market changes and be quick to adapt. Change is the only constant in today’s chaotic environment, and for your business to prosper, you need to shift quickly with the times. Be proactive in anticipation of fashion and cultural trends, and nurture your ability to implement change quickly. Be bold in your decision making, and willing to take a risk.
Most people in business are linear thinkers, and miss the really big opportunities or react only after the fact. That ability to anticipate change early is recognized as the ability to “see around corners” and seems to be limited to a very few leaders, such as Steve Jobs.
2. Define and focus on a mission to add value. Of course, margin and profitability are important, but must be committed to adding more value to the lives of your clients, and making the world a better place. Measure progress through metrics on sales, revenue, and penetration. Seek customer feedback on ways to improve value and satisfaction.
Some market leaders have found that adding a focus on a higher cause, like helping the needy or saving the environment, can magnify your value in the eyes of customers. For example, Toms shoes achieved success by donating a pair of shoes for every pair sold.
3. Make customer experience your key priority. Much has been written about focus on cashflow and the need for repeatable processes to assure business growth and success. In fact, all of this is for naught if your customer experience is not memorable at every level. Make sure all team members feel the same way and send the same message.
Remember that customer experience is much more than just customer service, because it encompasses all the customer touch points with your company. These start with your brand image, search visibility and process, and extend to the actual sales transaction.
4. Seek to dominate your market over competitors. Success requires deep penetration of the core market, not just being a fringe player in a large opportunity. Look for more ways to demonstrate a competitive advantage, and partner with complementary organizations if you need strength in manufacturing, distribution, or customer support.
5. Assure team members are always fully engaged. Productivity and results are a result of personal commitment and accountability, rather than hours worked. I recommend the servant leadership style of management, rather than command and control, to make sure teams have the tools and training they need, as well as an appreciation for the mission.
6. Develop a mindset of improvement versus defense. Attacking competitors will never have the return of a positive focus on making your offering more compelling to more customers. As you look internally at your own team and processes, be sure to reward learning and new ideas, and always learn from mistakes rather than penalize failures.
7. Look for every opportunity to scale the business. Explore new business models, additional market segments, and global channels to continually grow the business by reaching new customers, solving new problems, and increasing value. Success requires constant experimentation, proactive rather than reactive initiatives, and new learning.
Now is the time to learn and adopt these new ways of thinking, whether your business today is a startup or a corporate conglomerate. In both environments, success is dependent on how you think about your business, and the degree to which you are proactive in following-up on that thinking. Only the right mindset will allow you to enjoy the success that you want for your legacy.
Related: 9 Strategies for Implementing an Innovative Business