The two (2) forces of growth you shouldn’t ignore if you dream of taking your business to the top

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Businesses need constant motion to grow. Therefore the task of every business manager is to consistently drive motion through quick research and execution. Often this will require the business ignore the ‘comfort zone’ and plow further afield to gain competitive hedge.

This is it. The new generations of consumers are fickle. They are not willing to be loyal. Hence they are always shopping for the latest ‘market bubble’ – the trendy designs, the highest discounts, the newest tastes and novel services. Without motion no business can cater to these extensive desires.

DHL, Google, Nike, and Apple are few of the remarkable businesses dialing the motion and execution button consistently. Little wonder they are keeping pace. DHL would have been a ‘goner’ immediately Amazon pull away but it responded smartly quickly with its e-commerce unit. Nike keeps moving from sports to leisure wears with shinning new products. Google is great with the Android unit and roll out of monthly business features.

The new business mantra is, ‘to stop moving is to start dying’.

 However motion won’t happen without exertion. Exertion involves full application of mental and physical effort to obtain results. The force necessary for achieving this side of operation must come from aligning a team of talented and motivated employees with new goals. The Gen X workforce is excited by new goals!

The 21st century market is always evolving. It is as easy to be outsmarted as it is to gain quick edge. There is no permanent advantage. Ask Canadian Blackberry Inc. Talk to Nokia, or Yahoo!, Thomas Cook, and Zerox.

The founder of retail giant, JC Penny, James Cash Penny, put the need for motion and exertion more succint. He said, “No company can afford not to move forward. It may be at the top of the heap today but at the bottom of the heap tomorrow, if it doesn’t.”

Technology and the internet are market levellers. While tech makes it easier to introduce new product and services, the internet help push them to the market at quick pace. Both levellers democratize product development. The best exemples of that reality are Netflix, Tesla, and Jumia.

Meanwhile that same impact will be felt, if it is not happening yet, across the financial, logistics, management consulting, media, education, health and manufacturing sectors. Tesla is a big headache for Ford. Netflix is eating deeper into the less innovative African media market; Jumia’s willingness to pivot into food delivery, logistics and travel is multi-threats for players beyond retail.

How can businesses keep up with the modern economy?

a.       Understand there is no permanent advantage – Every product and service goes through a circle that involves introduction, growth and decline. Completing the circle is quicker than it was 2 decades ago. This is due to the fact that tech such as AI provides wider data with insight that help businesses catch the new ‘bubble’ that hit the core market desires per time. These new advantage has led to constant competitive shift. While it puts businesses in a rat race, it makes the consumers kings.

b.      Every new idea is as good as the pace of execution – The market is inundated. If you have got your market analysis right, execute instantly. However great your ideas are anyway, competition is not faraway anyway. Netflix, with all that fine idea is being pushed into Africa by Disney+. Since there is ‘no permanent advantage anymore’ why delay hitting the execution button. If you fail, pull the product immediately and take a quick lesson. The lesson will put you in good stead to restrategize.

c.       Focus on talent acquisition and projection – Leadership needs a motivated staff of talented workforce to beat emerging odds. There is no pretence about acquiring talent. Talented people see new possibility and execute excellently. Your business is as good as your human resource. Watch that!

 

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

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