These are the two words that are eternal and defines success. What’s next here means staying on your toes and constantly thinking on how to improve and innovate, and taking the next step towards your vision. It means out-innovating competition and providing your consumers with the next big thing. It means never ever hitting the snooze button!
Complacency is the biggest obstacle to long-term sustainable success. In business, and for that matter in any other field from sports to arts to life, being complacent leads you to be unaware of your deficiencies. You got to keep working on how to improve your products and work towards making the life better and their jobs easier for your customers.
Another big obstacle is legacy. Legacy is hard to break out of for both you and your customers and is one of the biggest reasons preventing businesses to come up with breakthrough innovations . If you are used to doing something in a certain way, it takes a lot of courage, great vision and persistent efforts to out-innovate and break out of the mold before someone else takes the lead. It is much better for you to cannibalize your business than letting your competition do it for you.
That brings us to competition. Competition is the best promoter of innovation. Companies that believe they don’t have competition are in a state of denial. There is nothing in the world that doesn’t have competition. It can be direct or indirect, existing or upcoming, but there’s something out there that is a lucrative alternative for your customers. The best way to deal with it is to embrace it and never take the step off the accelerator to remain being the best option in the market.
So what’s next?