5 Things Your Company Needs to Do Today in Order to Stay Competitive

When thinking about what organizations need to do to effectively compete in today’s challenging marketplace, I can’t help but turn to that sage advice offered by Jim Collins in his books “Built to Last” and “Good to Great.” Great companies really do know how to turn crisis into opportunity by focusing on two key things 1) staying committed to enduring values and 2) making certain they have the best talent.

And, although we are still operating in uncertain times, there is a silver lining called “opportunity.” There are many “opportunities” savvy companies can capitalize on to stay competitive and ensure their future success.

So, here are 5 things your company may want to consider now, to stay in the game:

1. Communicate often and be consistent about your company’s values. You must reinforce and be clear about your organization’s principles and core vales that explain why you do what you do.
2. Set a clear direction that your employees can get behind. You must be consistent in your messaging so employees are clear about where the organization is going and allow them to have a role in shaping the direction it will take.
3. Focus on your customers. Be a good student to your customers’ business by consistently staying up to date on where their business is going and what they need to succeed. Become that trusted advisor they can turn to for solutions to help them get there.
4. Make certain your key leaders are doing the right things right. Invest in growing the skills and competencies of your top leadership. Provide leadership executive coaching and leadership development initiatives that can equip your leaders to not only execute what they need to do today, but in the years to come- and set an expectation of continuous improvement.
5. Stay agile. Know that whatever you are doing today won’t be what you need to be doing tomorrow. Pay attention and be a student of your own business.

No one knows for certain what the weeks and months ahead will bring, but one thing is certain—having the right mix of strategic vision, processes and leadership talent will give you the advantage your company needs to successfully compete. So, I ask you:

• How well do you really know what’s going on in the businesses of your customers?
• Are the leaders you have in place today prepared to take advantage of the opportunities the market will bring?