8 Things You Can Learn From Large Businesses

1. Have Clear Results, Objectives, and Timelines

Long-term strategy is something that most large companies do well, if only to survive. Clear objectives and milestones are not only necessary but actually quite relieving in a business. It can take time and research to properly specify and identify concrete goals however, further down the road they will act as a consistent monitoring tool of how the business is going. Having tangible objectives and set timelines will bring transparency and clarity to employees, managers, and owners alike.

2. Invest in Research & Development (R&D)

The market leaders in the industry are typically the ones who have been around for a long time. They’re experienced, knowledgeable, customer-educated, and they have planned for the future by investing in it. By reflecting on this past decade alone, it’s easy to see how quickly technology can change how we do things. That’s why it’s important to take a time-out and look one step ahead. In common practice, the products and services you’re providing today won’t meet the mark forever; how much you plan, spend, research, and invest today, will.

3. Never Stop Experimenting

Amazon’s CEO, Jeff Bezo so eloquently states, “If you double the number of experiments you do per year you’re going to double your inventiveness.” Experiments lead to innovation while innovations lead to a more profitable business and stronger foundation for the future. Even small experiments count. A simple change of how one does a daily process can improve a customer’s experience dramatically. Businesses that take risks (of any size) and inspire outside-the-box thinking are the ones who trail blaze; the ones who get to the place nobody has been before.

4. Measure the Experiments

Experimenting in an organisation should be welcomed, furthermore encouraged. But the key to successful experimentation is the measurement that comes after. Measuring the results of an initiative or great idea is the key to successful implementation. That doesn’t mean that the measured results need to always be positive; sometimes something that is best in the long run can temporarily hurt sales, and vice versa. One great guideline to follow is whether or not the experiment is good for customers. If it is, it’s probably a good indicator that you should make the implementation permanent.

5. Be an Explorer

Be a pioneer. Be an inventor. Your business will always rise to the top if you actively search to make it better. Every product, service in your business can be tweaked and improved upon. Ask your employees what they see first-hand, ask customers what they would like to see change, and research what others are doing in the market. Make a list of top 5 priorities, brainstorm & toy with ideas to make them better, and then delegate accordingly. And of course, don’t forget to measure the results.

6. Replace Yourself

In larger companies, the only thing constant is change. People change, roles change, and new positions are created regularly. Change is the only way a company can truly grow; and conversely, complacency can lead to death. It’s important to have an ongoing transition of young apprentices to managers, managers to senior managers, senior managers to DP’s etc. in order to generate fresh ideas, and leverage keen minds.

A great way to start is to ‘replace yourself.’ Train your second in command to be skilled in everything you can do – maybe even do it better. That way, when an opportunity arises you can rise to the challenge while your competent 2IC can jump into fill your old shoes.

7. Network

In any industry, networking is a basic to opening opportunities and bringing money in the door. After all, it’s who you know, not what you know. Therefore, small businesses should consistently leverage their relationships in the market to keep an edge above the competition. Something as simple as networking can bring about new product ideas, attract smart employees, and even spur new business partnerships. Leveraging the intelligence of other companies is a great way to invigorate your own knowledge, and bring next level thinking to the market.

8. Grow your Employees

Invest in your employees…it seems cliché but it’s cliché for a reason. The best companies realise the value in their employees and invest in resources to help them grow. It can be as simple as asking their input on things, setting up ‘brainstorm’ initiatives, encouraging the attendance of external learning events, or one on one mentor sessions with leaders of the business. Recognising future potential is one thing, but actively nurturing the growth of that potential is what will benefit businesses and employees both in the end.

Read the complement – 5 Things You Can Learn from Smaller Businesses