Hermosa Beach, CA

Wednesday, December 30, 2009

New Year's Resolutions for Managers: Five Ways to Make Better Decisions in 2010 with Competitive Intelligence

If you want to lose weight, run a marathon, or finally learn to speak French in 2010, competitive intelligence expert Seena Sharp wishes you well. However, she prefers resolutions that can improve your business in the next 12 months.

"Small changes in outlook can have big results," say Sharp, author of the new book "Competitive Intelligence Advantage." Here are her five resolutions for decision-makers:

1. Be skeptical of bad news. (And good news.)

Good or bad, the new information you hear relating to your business or industry is rarely complete—just as any story reported in the media changes as the story unfolds. Invest time to determine if the new information is accurate, current and sufficient. A little homework will let you make better business decisions now, and avoid backpedaling later.

2. Cross-train your brain.

Start reading two or three different trade publications each month—from outside your industry. Expand your business reading to include titles you might not read regularly, such as Business Week, Fast Company, Marketing to Women and others.

"This does not require a lot of time," says Sharp. "Scan tables of contents to identify articles about changes, trends, or new approaches, some of which can be applied to your industry. You may be able to set up magazine swap with friends in other fields."

The goal is to find out how other types of business are reacting to the market forces such as outsourcing or a down economy. Train yourself to look for changes and opportunities that are not yet visible in your industry – and how that can be applied to your business.

3. Adjust your vocabulary

In business, "change" is a synonym for "opportunity." Opportunities are the only way to grow your company.

The next time you notice something unexpected, instead of thinking "That's weird," ask yourself "What does this mean for my business?" "If you don't recognize and react to opportunities, another company will," says Sharp. "It's really as simple as that."

4. Pay attention to kinky requests.

"Can you make them in pink?" was likely an odd question for the folks at Plano, an established manufacturer of fishing tackle boxes.

The question was a tip-off to a new market: teenage girls. Ultimately, Plano created new companies for cosmetics storage (Caboodles) and crafting (Creative Options.)

"Emerging markets often surface when an economy begins to rebound," says Sharp. "Pay special attention to unusual requests for your products or services, and really get to know new customers who may be seeing new ways to use what you provide."

5. Reinvent the suggestion box.

Employees who are close to your customers (delivery, repair, customer service, and sales) constantly hear ways to improve or innovate your offerings. All staffers have ideas on how to make your company more productive. Just ask.

Create a system to capture this valuable information, and then publicly reward the employees who submit usable suggestions and ideas.

"Competitive Intelligence Advantage" is available online and at major bookstores. For details on the book or scheduling a lecture by the author, visit seenasharp.com.

Seena Sharp

Principal

Sharp Market Intelligence

Hermosa Beach, CA

310.379.5179