Attachment to success - SME and Innovations
In business, as in life, we easily start to believe we’re right on spot and have something that other businesses don’t have. But, when something disrupts our illusion of control and our master plan, we are once again reminded how vulnerable we (and our businesses) really are.
Holding onto something we built or believe in is often defined as an attachment. It’s all about having expectations about people, business plans, your brand and so on. Sometimes, you cannot let go, because you believe in a duty to support your family and be a successful entrepreneur. And this is where we get in danger of stopping the creativity cycle. We get attached to a certain way of doing business and avoid all new business and marketing solutions.
Get rid of the roadblocks!
When you start a new venture, engage in a startup, everything is new – from the business environment, marketing solutions to customers. And somehow, it is natural to go experimental, hire a new age design studio or go all-in with the influencer marketing. But what’s with these good ole’ established businesses? Sometimes, having a simple website redesign or changing a logo requires more effort and re-considering than starting a whole new project. Why is that so? Of course, we just don’t change things that work. But what if this all-good business leaves all involved people frustrated and stuck? They see results but feel there’s a lot more behind the corner. And the management is uncertain about what to do next, sticking to predefined solutions.
Expectations and business
Every businessman must know he has to stick to his values and let them guide you in the right direction. It is possible to stay focused and stable, but you keep open to the possibilities. Being stable is a good thing, but it makes you miss great opportunities appearing in front of you. And vice-versa, setting expectations too high, might bring you down to the end and even if you get amazing results.
Businesspeople and academia have been wondering for decades why Germany has so many global leaders. And what’s the tale behind it, except hard work? It is a tale of many layers and has to do something with innovations and investment.
One of the possible answers might be the commitment and long-term goals of the founders. They have a competitive advantage as they’ve been around for some time. And new customers trust the owner and business that have been around for a while. But, there are differences. Would you buy the same Coke in the same bottle and with the same design 30 years in a row? Probably not – and the founding fathers of every established business know this, no matter in which country. They are committed to the long-term goals, but also, open to new possibilities. And surely, this is much easier when you’re not so dependent on investors.
SME and growth
The will to expand and to innovate is at least as important as the ownership structure. Companies that do not grow will be taken over or pushed out of the market, and those not developing new products will lose any technological edge. You cannot become a business leader having one product for all markets. So, sticking to good old habits might create cozy revenue for some time, but in the long term will lead you to the downfall.
Successful companies continue to innovate within their niche, and continuously try to develop new technologies. Investing in patents, new technology, as well as in marketing can bring your business to success; otherwise you easily might lose your position as market leader.