Staying Out in Front


Vigilance is required for keeping an edge and remaining profitable in any industry. There are several keys however, to staying out in front and keeping ahead of the relevant industry-wide knowledge needed for a business. Education is the number one strategy. I read constantly. Business magazines, on-line newsletters and periodicals on technology, science, and finance are all on my reading list. All of this may or may not be insider information, but it keeps any CEO or President well- educated on the economic and industry-specific trends and its crucial to have a broad base of knowledge to remain profitable. Some of my favorites are Inc., Business Week, Info Week, Frontline, Supply Chain Magazine, MIT Technology Report, Popular Science, CFO Magazine and several online newsletters. These are great jumping off points for being well-read in the business world and for staying in the lead position in your particular industry.

In addition to reading broadly, its important to listen. Listen to everyone, from your customers to your suppliers to your employees to your competitors to the checker at Wal-Mart. One thing Ive learned is that people dont have to be smarter than I am to know something that I dont. Listen to anyone who has a different perspective than you do; ask them questions whose answers you are afraid to hear, and then act on what you learn from them. Becoming an avid listener is vital to staying ahead of important changes and developments in the business world.

Finally, fear is a healthy thing. The competitor you have to worry about isnt even on your radar screen today. It is three guys in a garage plotting to make your product, service or industry irrelevant. You have to be watching very closely (or in essence, have a healthy case of paranoia ) to spot them before it is too late to adjust the course of your company. Always be watching for that next big thing. A new technology, a new application, a new customer, a new partner or a new employee could forever change your company for better or worse. And if your competition finds them first, it will always be for the worse .




Inside the Minds Stuff - Inside the Minds. Managing for Profit. Leading CEOs on Key Strategies for Increasing Profits Exponentially in Any Economy
Inside the Minds Stuff - Inside the Minds. Managing for Profit. Leading CEOs on Key Strategies for Increasing Profits Exponentially in Any Economy
ISBN: N/A
EAN: N/A
Year: 2004
Pages: 130

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