In the last post, we wrote about the growth that our economy is experiencing, and particularly in the small business sector. This is great news if you are the owner of one such company. However, if you want to enjoy growth along with the overall economy, you have to ensure that you are maintaining a sense of equilibrium in your business.
There are many invisible scales that exist within all companies. In order to be truly successful, you must ensure that all of those scales remain in balance.
Speed vs. Quality Attend an iDrone presentation, and you will see firsthand how amazing the future of the logistics sector may be. Consumers love instant gratification and they are all too happy to praise those companies that make fast deliveries happen. However, it is essential that you avoid sacrificing quality in an effort to meet the speed demands of the marketplace. We can assure you that, no matter how quickly your product reaches the end user, you will not receive accolades if the product fails to perform as promised.
High Standards vs. Proper Staffing It is very commendable that you would set out with the highest possible standards in mind. That sort of mindset can help you attract customer loyalty and even the attention of an angel investor. However, if your standards are too high, you can actually turn your staff away or fail to properly staff your operation. That, of course, can result in disaster. It is important to maintain your values, but be sure that your expectations can actually be met.
Dedication vs. Narrow-Vision This is a problem that we see often. Innovation seminars can really inspire the creative-minded individuals. When the inspired ideas are met with approval from influencers at the invention conventions, the drive to make the concept a reality can be intense. However, it is important, whenever you are unrolling a new idea that you don’t become too narrow-minded. Be sure that you are listening to the input of trusted employees, advisors, and investors. Be sure that you are considering the risks and possible pitfalls.
Innovation vs. ConsistencyThat concept also leads to the importance of balancing innovation and consistency. New technology may, in fact, make your business run smoother. A new and exciting product can improve your bottom line and attract a new customer base. However, it takes time and often a healthy dose of frustration in order to introduce change. Innovation is a great and much-needed aspect of every business. This is the reason why events like the iFestival are so popular. Just be certain that you are not making large changes so often that you fail to offer consistency – consistent quality, performance, customer service – to your niche.