I read publications, punditry and blogs from many different industries. Reading only the trade publications from your industry is dangerous, dangerous, dangerous.
An awesome blog post by Ken Doctor based on comments made by Netflix founder Reed Hastings is a fine example.
I don’t have a digital business
As you read “Savor the economics of digital distribution” or “presentation revolution is still to come”, you might wonder how these impact your low-tech business.
Every business probably has a digital (ie: tech-related or internet-enabled) component. If yours doesn’t, maybe it should…
I see you out there bouncing up and down in your chair. You disagree. If your office is a F-250 full of tools, think a little about estimates, appointment scheduling, material ordering / delivery, drawings, invoices, training and safety.
Spend your time on tomorrow, not today
Delegate today, as much as possible. If you get bogged down in the “crisis of the urgent”, you’ll have a very difficult time focusing on the long-term strategic needs. You shouldn’t manage your business “paycheck to paycheck”, even if your cash flow currently feels that way.
Savor the economics of digital distribution
In All the President’s Men, it was “follow the money“. In business, it’s “follow the paper”. As you read about the $600 million Netflix spends on postage and the labor involved in DVD quality control, consider the costs and labor you incur by pushing paper.
Even if legally obligated to keep that paper, you can make changes that allow you to handle it ONCE and thereafter refer to digital copies until the paper copies are (possibly) needed. A friend suggested I get a Fujitsu ScanSnap several years ago. I finally did. UNREAL. If you deal with a lot of paper, check this thing out. One example of a small, but substantial change you can make to unchain yourself from the paper.
Don’t sweat the timeline
The time to be visionary about what your clients need is NOW. It is NOT when they (finally?) realize they need that great idea you had years ago.
You should expect to have to educate your customers / industry about why that visionary thing is important.
No one asked for an iPhone, yet Apple has sold millions. Visionary. Again. Everyone reading this is capable of being visionary in some aspect of your industry.
Play chess, not monopoly
Strategy, strategy, strategy. Sure, you can fill a lobbyist’s wallet and invent a monopoly, but eventually that advantage will end.
If you put the customer and their wants/needs at the center of your strategic thought, you *will* succeed. Good chess players think 2-3-4 moves ahead. Great chess players are thinking a dozen or more ahead.
The best way to create what appears to be a monopoly (in the eyes of inferior competitors) is improve with every interaction, every hour, every shipment. Chess is no different. The best can play and innovate during the game.
The presentation revolution is still to come
For many of you, this is about mobile, mobile, mobile (kinda like “Location, location, location”), but it isn’t just about that.
If your business seems immune to improvement, think about the overhead of doing business with you. Do you invoice on paper or PDF? Do you mail a check requiring a trip to the bank? Do you invoice/pay manually when it could be automated? What about ordering? Stock inquiries? Appointment scheduling?
Do easier, faster, smarter. Without cutting quality.
Culture counts
It’s easy to slough off as “touchy-feely”, but if you’ve worked in an environment that highly values quality and improvement, you’ll never again feel comfortable in anything else (unless you’re a slacker).
And finally, Walmart.
Doctor’s comment about Hastings’ response to “why Walmart didn’t kill Netflix” speaks volumes: “It’s not the stuff, it’s what you do with the stuff to please customers. Netflix isn’t about simply getting you a movie. It’s the recommendation engine and lists, the customer-pleasing, no-late-fees (remember when this was a huge issue?), its easy-to-use interface and its social/sharing emphasis, among other features that let it distinguish itself in consumers’ minds.”
If that quote doesn’t spawn thought processes to revolutionize your industry, then you just aren’t thinking hard enough.
Want to learn more about Mark or ask him to write about a business, operations or marketing problem? See Mark’s site or contact him via email at mriffey at flatheadbeacon.com.