Stay ahead of industry curve

One of the famous statements by Michael Franzese, Ex Capo regime is so pithy and so relevant today that every business scripts it as a motto in its business competition so as to stay ahead of the industry curve in the following three broad areas: 

In business policy 

1. “Know your business well”, implores Michael Franzese. Get the hang of how to promote business in places where you are known as well as places where you are relatively unknown

2. Adopting new trends, technology and novel production & marketing systems is the big push you can give to business, along with building trust in the eyes of staff inside and customers outside

3. “Have plenty of cash reserves“, to tide over any eventuality that might come up as purchase of new business or investing additional capital in an existing product that is up for innovation. 

In workplace

1. The shared culture in business must seek to pass the benefit of your efforts to customers on one side. For example, a new product could be priced comparatively low at the introductory stage.

2. On the other side you share the cake with the staff for their contribution in making the product do well in business competition. This takes place in recruiting, rewarding and retaining quality workers with you. Put differently it is “loyalty pays” 

3.  Most importantly, everyone in the organization must be fastened to the concept of team play. The entire staff works as a team sans seeking personal glory. The undercurrent that runs is “swim or sink together”. 

In marketplace

1. At any time you give a word it is sacrosanct on you that you must keep to it. This is not casual remark to be dismissed in the course of time, but a bond which you gave to the customers & the market that you would honour it at any cost

2. “Collaborate with likeminded people” counsels Michael Franzese. You do not see customer as an opponent always. Instances arise when you have to work with him to achieve common purposes that are vital for both of you as well as preserving & promoting the industry you are in. Setting Industry regulations /standards is one such area of collaboration

3. At parallel, pragmatism dictates that you sup with the competitor as pals and compete with him for market share as opponents!

 

Cheers! 

 

Muthu Ashraff Rajulu

Business Strategist

Mobile: + 94 777 265677

E-mail:   cosmicgems@gmail.com

Blog:   Business Strategist