Do you have a set of rules to run your business? We have a few ideas for you on setting up a successful strategy.
1. Richard Branson said, "Every business, like a painting, operates according to its own rules. There are many ways to run a successful company. What works once may never work again. What everyone tells you never to do may just work, once".
This quote reminds us that if we are to start a business that works, we must be ready to do something unique. Copying someone else's plan and rules verbatim, even if successful, may not apply to our reality.
Also, staying in the comfort zone and relying on tactics that have worked in the past can sometimes undermine the company's future. It is essential to know how to reinvent ourselves and be creative. To do this, as leaders, we must not fall into the error of delegating too much. To communicate our vision, we need to make sure we are active in creating strategies that allow our business to grow.
2. The advent of the digital age has made the competition even fiercer. Such reality has prompted many companies to review their business model and the rules under which they operate.
A study by Zott and colleagues shows that regardless of the business model on which a company is built, innovation remains the key to firm performance.
Where do we start to create a business model that works? Sun and colleagues suggest that starting with simple rules is crucial.
Analytically complex and information-intensive approaches can be implemented when there is sufficient time to make errors and trials. Often, however, businesses have to solve urgent problems that require immediate solutions. According to the paper under consideration, "how should we proceed?" is the question to ask. The answers to it must be simple and constitute the basic rules to follow. For example, every business should have a strategy that helps it make decisions in fast-changing and uncertain environments.
Those rules should be heuristics, and they should come from the leader's experience and a brainstorming session with the rest of the team.
3. The rules themselves are essential, but we need a motivated team to put them into practice for them to work.
Our employees must be an active part of the decision-making and creative process.
A study analyzing how intrapreneurial engagement fosters organizational survival and growth reminds us that employees' empowerment, involvement, autonomy, relationships, and reward systems bring tangible improvements.
Making sure our employees are autonomous and have the space to experiment and grow helps recognize the skills of team members and value them appropriately. Moreover, it means that, at the right moment, it becomes faster for us leaders to select the most suitable person to solve a given situation.
Having employees who can assist us promptly is a benefit that should not be underestimated because not all team members can operate independently and contribute to the business.
Ultimately, keeping staff motivated promotes high morale, making them more productive and creative.
Let's not forget to acknowledge the team's efforts, without which our company could not exist.
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