You only have to do very few things right in your life so long as you don’t do too many things wrong. Great quote from Warren Buffet. He is spot on with that comment, yes? Doing things wrong far outweighs doing things right. Especially in building a business that will deliver results.
Check out our thoughts on building innovation.
Building isn’t easy, or we’d already be doing all this. We need to demand more of our political leaders, of our CEOs, our entrepreneurs, our investors. We need to demand more of our culture, of our society. And we need to demand more from one another. We’re all necessary, and we can all contribute, to building.
Applying state-of-the-art tools and processes is widely seen as a mark of excellence. So, perhaps not surprisingly, “best practice” is one of those terms that you constantly hear in corporate circles. Managers often see implementing them as key to their performance.
Yet many experts point out that adopting so-called best practices can stifle your ability to innovate. After all, once you designate a particular way of doing things as “best,” who is going to question it? And if nobody questions it, it won’t be improved.
Still, even keeping those objections in mind, best practices can be immensely valuable, if approached with open eyes and good sense. The truth is that much like any business process, they’re only as good as the managers who implement them. While many do use best practices as a crutch, they can also be used as a platform from which to innovate.
Why? Our view is that mistakes are more prevalent and certainly more costly.
That is why we believe if you are planning on starting a new business, it is critical to spend time on these 9 recommendations that will help deliver results:
Focused business plan
It’s not clear to us why business plans are the way they are, but they’re often focused on too many things. If you want to maximize success, the key is to focus on five topics. We recommend dividing the business plan into these five sections:
- Competitive analysis
- Market research and analysis
Marketing plan
Financial plan and cash flow- Short versus
Building a business … creator of change
Be a creator of change. Watch for trends in the market and what your customers are doing. Stay ahead of the change curve by adapting before you have to. Remember the status quo is usually your worst enemy.
Network for support
Find local business leaders that can exchange ideas and support your thinking on the day to day activities. Activities like being a sounding board, idea generation, and offering lessons learned.
They often see solutions that you can’t see. You can do the same for them. Create a large network and make it social … like a casual advisory board.
Building a business … work on the right things
Sounds trivial, doesn’t it? But you would be amazed at how many of our clients have their priority lists inverted. Or work on things that should be ignored.
Trust your intuition
Tackle real problems on behalf of your customers, many of which may challenge the status quo.
Be curious. Experiment on a small scale often and learn. Place lots of small bets to see what will work best. Don’t be afraid of unconventional paths.
Building a business … don’t get totally consumed
Be a team player … caring about your employees. Delegate and empower them to act on your behalf. Remember that you can’t do everything or be everywhere.
Learn to back away occasionally. Maybe an afternoon … sometimes for a day. Find a balance between work and life that works for you.
How to build a business from scratch … gain customer insights
Unlike big companies, a small business gives you the opportunity to interact with customers on a daily basis. Make use of these interactions by gaining a better knowledge of their wants and needs. Ask good questions, listen carefully, and take notes.
You will be amazed at how eager many are to help and what you can learn. Customer insights are one of your most valuable assets.
Don’t hold back
Tell people about your ideas. Get feedback from customers, suppliers, and even your competitors. Talk with anyone who seems interested. Many will be both willing and able to offer ideas and advice.
Building a small business to have fun
You need to wear your enthusiasm and passion always. And here’s the thing. You really can’t be enthusiastic and show passion if you aren’t having fun. The key is to stay the course, with an even keel, and enjoy the ride.
My discussions with many small business owners over the last several years led me to create this list of recommendations. Guess what? They are not that different from my own personal lessons.
The bottom line
Did you know Leonardo Da Vinci’s life as a creative thinker provides inspiration and lessons to learn for companies working in the creative sector? The lessons above have a direct relationship with the design and innovation process inside companies.
Also, they are linked with different creative thinking and problem-solving tools and methods which can be implemented to connect between different patterns to reach creative ideas and solutions. Do you see?
Very, very few of Da Vinci’s abilities are in the populace. But that doesn’t mean you can’t learn to be creative … it can be learned. Can you use these lessons to learn to see or see better? Give it a try. Practice and be persistent. Stick with it, and over the long haul, you will see some good dividends.
