The biggest challenge most businesses face is executing well, according to Roy Osing, president and CEO of Brilliance for Business.
During a presentation on business success in a challenging economy at the Chamber of Commerce luncheon, Tuesday (Feb. 17) at the North Vancouver Outdoor School, Osing said many companies spend too much time on planning and not enough hours on the ground running.
"You should spend 20 per cent of your time planning and 80 per cent executing your plan," he said. "You can learn from your plan every day and make adjustments as you go."
According to Osing, the recession is an opportunity to consider some different ideas because the world is changing quickly. He said the first step is de-cluttering business models and making yourself stand out.
"People are more fickle and customer loyalty is difficult to achieve. You don't necessarily need to be better but you need to stand out in your customer's mind. You don't want to compete on price."
Osing is the author of Be Different or Be Dead: Your Business Survival Guide, which outlines practical ways to make your business successful. Osing said his methods are simple and straightforward.
"Don't get mesmerized by what you think your uniqueness is, you need to test it. Check with your customers and they will tell you."
Osing recommends business owners get in touch with customers using social networking sites such as Twitter. In regards to strategy, Osing said it's important to keep it simple.
"The whole notion of being different and simple is good but you better avoid the trap of execution phobia. Keep it simple, get to the gut issues quickly and do something."
In the planning stage Osing said business owners should consider first where they want to be in terms of profit. He adds that in a recession it is important to be realistic.
"Take advantage of the financial crisis and renew yourself and think about what kind of sales you want in the next 12 months."
Rather than focus on price, Osing said, companies need to think about value because only Wal-Mart can compete on price. He said companies need to move away from flogging products and instead offer holistic packages and focus on building relationships.
"Brand it something different and create something new. All of a sudden you become an innovator."
Osing said Alaskan Airlines uses the package idea with the kids fly free offer in which a child fare is free, travel points are offered and tickets to Disneyland are thrown in.
"You also want to think about customer service and remember to put yourself in a subservient position. And hire people who love Homosapiens. This is just a start."
Osing is a business consultant and senior executive leader with over 30 years experience creating and building businesses. For more information on Osing or his book, check out www.brillianceforbusiness.com.
