Give opportunity a good long look.
What are you seeing these days when you pause from the daily grind and gaze out the window? If you see an imaginably dazzling moment that’s beginning to appear from the remaining haze of the “great recession,” pat yourself on the back—you are among the very few who possess such promising insight. I contend that if you act on your instincts (at this particular moment in time, give or take 18 months) you can positively affect your business more than any other time in your career. The challenge for leaders will be to hold onto that thought long enough to transform it into an inspirational mission for everyone else. And this will require that you free yourself to stop focusing on problems (and think more like an entrepreneur).
Some of the most informed academic thinkers are suggesting that we are entering a “once in a century” period of innovation. They may be correct. Conditions seem to be lining up favorably for anyone who can get out of their box long enough to make a reasonably sound volley into less occupied (less competitive) space. Markets may be slow to react but they are brimming with expectation. There is a renewed hope, newfound respect, and interest in small business and entrepreneurial thinking. Together, these changes help level the playing field—but you still have to enter to win. The “opportunity” is quite simply a chance for your company to redefine its business by engaging in ways to re-imagine what it is you’re doing, and how you’re doing it.
The caveat: When opportunity blossoms, the risk of inaction increases at an equal and proportional rate. The difference between the businesses that will ultimately fail and the ones who will gain traction in the near future are those who choose to transform in light of the current opportunity.
Here’s an example: One of the most promising segments in the painting, printing and coatings industry is ultraviolet, aka “UV”. It’s a value-add process that dries faster, saves energy and reduces cost (e.g. a flash of light versus lots of costly heat). UV also accrues value as an environment- and worker-friendly process. Yet it would be so easy to focus on one of UV’s few drawbacks: the initial capital cost of the specialized equipment. Sure, cost can be a real barrier at times but consider also the real cost if you don’t imagine a way around this problem.
Here are four tips to get you started:
- Wrap your mind around a future that could look very different for your business and take every advantage available to you at this moment of opportunity.
- Put problems in perspective and/or seek advice from others if you can’t.
- Engage everyone in the process. Help them to see your vision, allow them to help with the work.
- Stay focused on opportunity and invest in your business where it matters most.
We will be performing much deeper dives into these topics in future posts, please stay tuned and feel free to ask questions or tell us what you think.