Midwich’s AV director Darren Lewitt discuses how to make sure you don’t become a dinosaur in business.
When my wife asked me over the bank holiday whether dinosaurs really existed or were merely just part of Disney movies, I couldn’t help but think about how prehistoric you can become in such a short time if you don’t continue to evolve your business. (Plus, did my wife mean what she said, or had the bank holiday wine simply gone down a little too fast?)
Looking back over the past few years, I have seen many companies either pass away or seemingly go backwards. I have lost count of the times that I have heard people describe companies as dinosaurs and it made me think that if I have one goal it is to make sure that we never get described in that way.
So how do you prevent yourself from becoming a dinosaur in business? Well, surely it wouldn’t take a bunch of dinosaurs to build a rocket to find that one out, as the answer is surely staring every business in the face: yes, evolution.
(I did try telling my wife that I couldn’t imagine seeing a Tyrannosaurus Rex opening her next bottle of wine, well not with those small arms anyway…)
Evolving a business in this day and age means finding tomorrow’s technologies today and, along with that, the right channels to target. That’s the easy part. Next you need the creativity and the foresight to invest and come up with a business plan.
Unfortunately, it’s easy to lose your sense of direction at this point and, instead of targeting the under developed opportunity, many companies see the light with the low hanging fruit and think that an established market is the golden egg. A few months later, however, they find out the hard way that trying to grab a slice of what others have developed wasn’t such a good idea after all.
For me, if you want to put a sticking plaster over your business then become a market taker, but if you want to evolve your business for the future then start planning to become a market maker.
Sticking to what you know and evolving at your own pace both organically and through acquisition is the best bet, but if someone was to ask for my advice it would be a few simple words: go and target the under-developed areas and channels if you want true long-term profitable growth success. A strategy that will ensure you don’t become extinct.