These 5 strategies adopted by Bezos could change your business
Success sometimes can grow to become a craft that leaves behind trails for others to follow. Jeff Bezos didn’t arrive at success through a stroke of luck. He worked hard to reach the top. His rise can teach business owners one or two lessons about raising their game in driving enterprise.
Peter Cohan, who is the founder of Peter S. Cohan & Associates, picked some of Bezos strategies that businesses can adopt in a bid to become the best in any sector.
These are the strategies:
1. Sustain intellectual humility by attracting geniuses and bringing out their best.
Bezos’s first idea was that the more successful a company becomes, the greater the risk that it will become complacent. And once complacency sets in, it is only a matter of time before the company stops adapting to its changing competitive environment, begins to lose market share, and eventually ceases to exist.
2. Obsess over customers by investing in your strengths that they value most.
Bezos enjoys the challenge of satisfying its perennially delightfully dissatisfied customers
3. Fight bureaucracy in the customer’s organization by giving your product to users at no charge.
4. Embrace external trends that drive rivals’ rapid growth.
Bezos emphasized the importance of changing a company’s strategy so that powerful external forces become growth-propelling tailwinds.
5. Make high quality decisions quickly by going with your gut
Bezos advocates making decisions quickly with 70 percent of the information rather than delaying to get the remaining 30 percent.