ISBDC Training Session 7/24
Harsh, but true: companies that don't compare don't compete.
Nobody is an industry of one. Whatever you sell — a product or service, b2b or b2c — there's always an alternative.
You'd think this truth would impact the way every company manages itself, but it doesn't: a lot of companies are content with whatever market share they have and don't make much effort to assess or improve their competitive performance.
But also great because this gives companies that care a significant advantage.
Kirk Enright, on Jul 12, 2015 7:30:00 AM
It’s a question that gets asked every day, but what does the answer really mean? For most companies, “doing well” means sales are better than last year while “doing okay” means sales are about the same.
The problem is that nobody is an industry of one. Everybody competes for customers and clients.
You might think you're doing well but what if you're not?
CEO: Turns out we suck.
BOARD: But you told use we were leading our industry.
CEO: Uh... I guess I was wrong.
BOARD: Uh.... guess we were wrong, too — about you.
As University of Wisconsin professor Jordan Ellenberg noted in this Wall Street Journal article about using data to make good decisions, "A number by itself is often meaningless; it is the comparison between numbers that carries the force."
Kirk Enright, on Jul 8, 2015 10:48:10 AM