Don't just Sit There, or Your Competitors will come and Run You Over! Diversification is an Urgent Strategy for Survival!
Famous writer Will Rogers said “If you are in the Right Track, don’t just Sit There, or you will be ran over by your competitors.” This makes me recall the people who get on the fast walking lanes or electric walkways in the airports, and instead of advancing twice as fast, (original purpose of those devices), they simply stand there and wait until the walkway ends. Bottom line: Zero advantage.
Resources are frequently wasted, and time is the one people disesteem the most. Perhaps because they’ve got it for free, but is doubtlessly the most precious resource we have. The only thing we can’t buy at any price. Being in the right track is something we experience that can have a downside to it. Do not overindulge when you discover you are indeed in a privileged position, at work, in your business, or in your professional activity.
The most knowledgeable physicians, attorneys, faculty members, and other professionals know this by heart. It does not suffice to be the best today, you need to perform, practice, and update continuously if you want to keep that advantage.
Competition is Everywhere
Many of the manufacturers that I have met in the last 55 years when I have been in their plants, have told me they do not have competition… Wrong! It is possible that no one else is making the exact same product, but also is very likely that someone is already producing a new alternative to solve the same problem or provide the same service. That is how things evolve.
I have a customer in the printing business. They send millions of pieces in the mail with statements of the banks, utilities, credit unions, car-financing companies, mortgage brokers, and credit cards. They became aware though of a very common recent trend: people who don’t want to receive paper any more. They became aware in a timely manner and developed that online payment service as well. That is being on the right track and keeping up to date at the same time. That way they keep themselves in the Right Track!
By the time Wells Fargo and their dilligences experienced the competition of other carriers, they had already created their banking system.
Can you imagine if Westinghouse or General Electric had held on to their supremacy in the incandescent lamp business? They instead took advantage of that supremacy and the cash flow from it to develop new industries and technologies. GE is currently in the Capital Leasing business, owning a high proportion of all the heavy manufacturing machines in many industries in America. Jack Welch put into the mindset of each of his managers there a bit of his own candor to find new opportunities and “pursue their dreams” as he would always recommend to anyone.
It is not reaching a top position that will make your business a success, but whatever you may need to do to keep on top. A constant research for better services to provide those customers who brought you to that privileged position. That is what will keep your business alive and well.
The sad case of Panda Software
For many years the computer security business was practically "owned" by Norton. A few years ago, their product got somewhat complicated and intrusive. That particular time was utilized by a newly created company called Panda Software to put their foot in the door of that multibillion dolar industry. Panda did very well, soon they had a big participation in the market. They kept growing for several years. All of a sudden in the last part of 2008 their customer service declined subtantially and computers of their customers started getting infected as well. With the slower response to customers the situation aggravated and they lost thousands of users of their service. Norton took advantage this time and they have been picking up the customers. That is a clear case of getting to the top and not being capable of sustaining.
So, if you are in a privileged position, please don’t waste it! Be a champion, discover the next steps you need to take to remain in that privileged position, even if your competitors are advancing at the same time. Other ways they will simply run you over…
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