Leadership Myth – My Business Is Different

By Mike Myatt, Chief Strategy Officer, N2growth

“But my business is different!” Well actually, no it’s not. I cannot even begin to count the number of times I’ve had a CEO tell me that certain immutable business principles just don’t apply to his/her business because, “this business is different.” I don’t dispute that all businesses have certain unique characteristics or contextual differences - I don’t even dispute that recognizing and leveraging said differences are important. What I do vehemently dispute is the assertion a particular nuance is reasonable justification for flawed business logic to prevail. In today’s post I’ll share why most businesses have far more in common than most executives and entrepreneurs care to admit…

Marketing, Branding, Leadership, Sales, PR, Advertising, Business Development, Operations, Administration, Finance, Accounting, Information Technology, Human Resources, Innovation and the list goes on…These functional areas are representative of things that all businesses must pay attention to. All business (for profit or not) provide goods, services, or intellectual property/capital to a market (or markets) for some form of consideration. All businesses have competition, serve stakeholders and other various constituencies, and must do certain things to avoid failure while on the path to creating a sustainable endeavor.

Let me give you a great example; It is not at all uncommon for an executive to tell me that his/her business doesn’t really have any competition. If you tell me that your business doesn’t have any competition, I don’t buy it. All businesses have competition at some level. If you don’t have direct competition, you’ll surely have indirect competition. You will also be competing to retain talented employees that other companies would like to lure away. What about competing against the innovation of others that could cause the obsolescence of your product or service? What about competing to maintain key business relationships with vendors, suppliers, partners and the like? How about competing for the attention of your existing and potential clients? I could go with this line of thinking, but I’ll assume that the point has been sufficiently made.

Moving on…Believe it or not, CEO is not always synonymous with all knowing business guru. Even the most savvy CEO may have blind spots in his or her skill sets, core competencies, or voids in the org chart which can also distort perspective. Even in this day and age, I still run into CEOs that don’t understand the value of leveraging technology, utilizing outsourcing to lower costs and improve efficiencies, the tremendous power that comes from embracing the Internet, the benefits of creating multiple distribution channels, the value of building brand equity, or any number of different issues.

Bottom line…Just because a business has a particular advantage doesn’t mean that it can disregard sound business logic. Moreover, just because a business has embraced a certain methodology or practice doesn’t mean that it cannot be improved upon, or perhaps that said business practice or methodology should even be disregarded in totality. Great businesses are in constant search of improvement, innovation, change, disruption, knowledge and other strategic leverage points that lead to a competitive advantage or operational enhancement.

Don’t fall into the rut of allowing your business to be trapped in a perpetual state of static thinking. Great businesses are dynamic, fluid, vibrant and ever changing. Get outside of your old thought patterns and seek out people, technology, collaborative relationships, process enhancements, and any other solutions that can improve your business. Your business isn’t really different, but it can become better…

Thoughts?

http://magneticlook.com Silvia Pencak

Oops, there goes my uniqueness… lol Anyway, I must agree that the same old principles apply, no matter what business you’re at. Loving this post!
- http://www.n2growth.com/blog Mike Myatt
  
  Hi Silvia:
  
  We’re on the same page, but to be clear – I’m not advocating against uniqueness, but rather understanding uniqueness alone won’t overcome poor business practices. Thanks for stopping by Silvia.
  - http://magneticlook.com Silvia Pencak
    
    Being a brand strategist I totally get your point, Mike! Without uniqueness you have no brand.
    
    But I love your point that business, marketing AND branding principles apply to all businesses no matter what niche or industry you’re in. There’s always something for us to learn, improve and innovate, no matter how well we’re doing. Business that stops improving, stops growing.
James Strock

This is soooooo true, Mike! I’ve often encountered the same thinking–it must be pretty universal, assuming that one’s own enterprise has little to learn from others. There’s something rather self-focused about such thinking, at its root (though I’m quite sure that’s not the intention or understanding of many if not most of those who may be inclined to think this way)…..
- http://www.n2growth.com/blog Mike Myatt
  
  Great thoughts Jim. There is a difference between confidence and arrogance. I’ve always found it interesting that the number of blind-spots which exist in an organization seems to be proportional to the extent to which hubris overwhelms humility. Something we should all think about. Thanks Jim.
Greg Waddell

Mike: All I can say is “Amen!” I like that you included “for profit or not.” I have been amazed at how many faith-based organizations think that somehow their spiritual foundation makes them exempt to fundamental organizational principles. It’s astonishing how difficult it is to get people to realize that the nobility of our purpose does not exempt us from the hard facts of business logic no more than the people of Israel could have build the first temple without many years of toil and skilled mathematical calculation. I run into the same attitudes you’re talking about, but mostly in the not-for-profit realm. Thanks again for your challenging thoughts.
- http://www.n2growth.com/blog Mike Myatt
  
  Hi Greg:
  
  Non-profits, especially faith based organizations often seem to fall into the trap you described. What they need to realize is paying attention the business side of the equation is what allows the cause to be advanced. I have watched many a great organization struggle due to being dismissive about the value of sound business practice. Both the business and the cause can and should coexist for mutual benefit. Great observations Greg. Thanks for sharing.
http://jameseckvahl.wordpress.com Jameseckvahl

There was a time when I felt that my company was situated in the market so I had no direct competition. With the changes that have occured in the economic climate now we have to compete with the limitations our customers have regarding spending. Our product is more of a luxury than neccesity and sales slowed as the market tightened their belts.
- http://www.n2growth.com/blog Mike Myatt
  
  Hi James:
  
  Thanks for your comments. Following are a few thoughts for your consideration. The time when you felt you had no competition was a time of delusion – you always had it, things were going well and you just chose to ignore it. Markets change and so must business models, strategies, and tactics. In most situations the economy doesn’t impact sales, but a company’s lack of adaptive behavior does. I know my comments might seem harsh, but they’re intended to help you see things from a different perspective and change how you’re presently approaching your market. Best wishes James.
Pingback: Components of a BI Strategy!
John Howard Hatfield

During my career in manufacturing, I worked as a turn-around
agent with several businesses and during the interview process I always heard a
similar line like you reference above: “We are different and you don’t have any
specific industry experience. It will take too long to come up to speed.”

My argument always was that that industry specific knowledge
is what probably moved them toward the edge of oblivion in the first place and
what they needed was experience and knowledge in good business practices and
that was exactly what I offered. My specialty being materials management has
the same basic principles that cross every industry lines; bar none. I will
grant you that there are specific uniquenesses about every industry and each
business but strong principles cross those lines and are applicable in every
organization out there.

Often a hard sell to those that hold this belief and the
objection to budge off this belief can be very harmful. The closed mind is a
hard nut to crack, especially in a strong and smart individual that isn’t open
to change or the realities of his organization.

Howard
http://www.t2managementtraining.co.uk Steven

Great article, Mike.

There can definitely be some degree of denial involved with business leadership – like you say, either they’ll hide behind the excuse that they’re “different” or they’ll think that they have to be this all-seeing, all-knowing entity. It’s sad, because ironically, this type of thinking is restrictive rather than smart.

The business leader that realises that he/she is only human, can only know so much and that all businesses – although different – follow similar patterns and processes is the business leader who thrives.
Pingback: How To Get 95% Of Your Clients From Internet Marketing | Bass Fishing Tips Today

Links	Archives	Subscribe
N2Growth Awards N2Growth Clients N2Growth Leadership Events N2Growth – Intermediaries Testimonials	View Archives	Subscribe with us Your email:
Copyright/Legal \| Privacy \| Resources \| Sitemap \| N2growth Blog \| © Copyright 2013 N2growth - All Rights Reserved