Get a bigger piece of the pie
I was talking with a CEO during one of the stock market’s recent wild fluctuations. As he reflected on what is happening in the broader economy and what it will take for any business to succeed over the next 10 years, he noted two things:
1. The overall capacity in his industry has shrunk. If demand rises quickly back to previous levels, the industry won’t be able to react quickly enough.
2. Since the “pie” itself is smaller, it’s critical that businesses figure out how to get a bigger piece of it. In order to do that, he focused on the need to position your company well, finding agreement within your organization about how you are different — or should be different — than your competition.
Some businesses may wait for a “rising tide to lift all boats” — those broader economic conditions that will improve conditions for everyone. On the other hand, is it wise to bet that conditions will improve substantially soon? You may want to follow the advice of this CEO and truly distinguish your organization in some way.
What is unique about your organization? If there is nothing truly unique, what are you the best at? And does this characteristic generate loyalty from your clients and customers?