The above picture was a recent sighting from a small town in Butterworth, Penang, whereby the shop owner has ceased its noodle business. The shop's name was "Wong Fei Hung" (the name of a Cantonese martial artist). However the name carried another implied meaning of "ceasing business". Such a coincidence which i find it amusingly interesting to share.
Now let's go back to the topic - REALITY STORM.
It was reported that:
So many businesses are closing now for the same reason they've always closed -- They don't meet consumers' needs. We could end the discussion right there if need be. To be fair though, there are some other questions that also deserve answering, like why this is happening now and what should we do to sustain our business.
Success for any business is tricky in the current economy. For your business to remain viable, you have to beat the ferocious market forces and overcome volatility. In other words, you need competitive advantage and it must be sustainable and able to endure the test of time. Understanding your competitive advantage is critical to your survival. It is why you are in business. Keep in mind that what you do best is what draws customers to buy your product or service rather than those of your competitor’s.
THE RIGHT PEOPLE
Competitive advantage comes from what your people do (how they perform), not from what they know. How well does your company build or maintain a competitive edge?
Five challenges most organizations face in gaining competitive advantage include:
THE RIGHT BOSS
Of course, all these require a team of managers who can perform as a well organized management team and have an in-depth understanding of people’s basic needs and behaviors. Managers must be able to make your business vision a reality by developing employee’s abilities in team work, problem solving, and critical thinking. It is not enough to merely have a vision, your managers must be able apply corresponding actions to make it happen. A vision without corresponding action is merely a dream.
Corresponding action is derived from the organization’s mission statement. The mission statement will only drive competitive advantage if it is properly designed and cuts across the entire organization. Managers must apply critical thinking to all aspects of the organization and build a strong business case for decisions. Effective critical thinking takes into account sustainable competitive advantages of every process and opportunity.
Sustainable competitive advantage allows for the maintenance and improvement of your company’s competitive position in the market. It is an advantage that enables your business to survive against its competition over a long period of time. The advantage comes from your company’s unique skills and resources working together to implement strategies that competitors cannot implement as effectively.
Conclude my session with the quote from Martin Luther King, Jr:-
" One of the great liabilities of history is that all too many people fail to remain awake through great periods of social change. Every society has its protectors of status quo and its fraternities of the indifferent who are notorious for sleeping through revolutions. Today, our very survival depends on our ability to stay awake, to adjust to new ideas, to remain vigilant and to face the challenge of change. "
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SAM CONSULTING MALAYSIA