Are you aware that there are 3 Universal Laws of Business?
Business that do not understand all three laws have major challenges and are often doomed to fail eventually.
The first Law is the Law of Purpose. Every business must have a purpose that meet the 3 key needs. It needs to have a set of values to operate in and a culture of FUN, funds and fitness
The second Law is about managing Resources.
And the 3rd Law is the Law of Transformation. A business must keep growing and evolving or it will die.
Why is Transformation important?
Many would say that it is about money and needing more but in fact it is about changing needs.
Examine what is happening in the fast food industry, the tobacco industry or soft drink manufactures.
All the soft drink companies are under threat right now because of the sugar content.
Many years ago when McDonald’s was accused of having no non fat options, they introduced salads, wraps and a coffee bar.
Juice shops and organic stores have opened. Gluten free options are available at most cafes today.
Look at banking. Today you can pay for things 24 hours a day and shop on line whenever you want. Some see the increased debt and increased waste as a result of all this buying and changes.
Not that many years ago, the only way to send a message to someone was to either phone them from a phone box or wait until you got to your home or office. Or you could send them a letter. Today, most post offices are closing down or changing their services. Parcels are the most common things sent in the mail. And our smart phones mean we are available 24/7.
Is one of the consequences of this instant communication increased stress? How does that affect our mental health?
Transforming the way we communicate is essential to talk to the people we want to communicate with.
How can your business cope with change?
- Be aware of what is happening around you but always measure what you will change only against the other 2 laws of Business (funds and Fun)
- Continue to develop new skills and new thinking. What matters most is flexibility and thinking differently. Change is happening and if you resist that change, you will die.
- Build community. When you staff loves what they do and how they feel coming to work, they will help your clients feel that you care and when clients feel that you care, it is harder for them to look elsewhere. We are all creatures of habit but when we are hurt or convinced that we are being harmed, we will look for alternatives and that could mean they look elsewhere. It is all personal so remember to look at how every action affects others.
- Remember that you make choices every day and sometimes the best choice is to stop doing what you are doing and more in another direction.
- Do you know the half life of your business, that time before you either implement change or you start to die? Most businesses today have a half life of less than 5 years.
- Technology will impact most people and businesses. Keep abreast and change as it changes. Meeting the long term needs of your clients may mean changing your models to deliver more with technology.
- Always take care of people not things.
Transformation helps you to grow not just your business. Today, look at how you can transform and choose a direction that allows you to live more purposefully.
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