Sep 2009
Sometimes the sauce is not so secret!
30/09/09 12:48
Most of us have heard the term - "Secret Sauce". Many people often use this term to refer to an idea or concept for a technology or technological feature within a product or service that separates them from their competitors within the industry. The different recipes for "Secret Sauce" are endless, and are always very specific to the company or the individual. However, the one common aspect is that people often view this as something that they need hold close to their chest as they think that someone may steal their idea or concept and all of a sudden become their competition. Don't get me wrong...I agree that you should protect your intellectual property, however I also believe that the secret in the "secret sauce" is not an idea, concept, or feature but rather it is about your ability to execute upon your ideas. It is about just doing it!
What truly separates the successful companies and executives from the rest is that they executed on turning their ideas and concepts into reality. It would have been much easier for them to find reasons why they could not build a company, why they could not get into that key account, or why they should just go ahead and give up as the odds of failure are high. However, they did not take the easy way out but rather stopped making excuses, ignored the critics, and just did it. They executed and produced results. So, if you are looking for a little bit of motivation to get out there and make it happen...to "Just Do It", then take a look at this new ad from Nike. Hopefully it will help to motivate you to ensure that your "Secret Sauce" is execution...
What truly separates the successful companies and executives from the rest is that they executed on turning their ideas and concepts into reality. It would have been much easier for them to find reasons why they could not build a company, why they could not get into that key account, or why they should just go ahead and give up as the odds of failure are high. However, they did not take the easy way out but rather stopped making excuses, ignored the critics, and just did it. They executed and produced results. So, if you are looking for a little bit of motivation to get out there and make it happen...to "Just Do It", then take a look at this new ad from Nike. Hopefully it will help to motivate you to ensure that your "Secret Sauce" is execution...
0 Comments
Co-opetition
27/09/09 11:59 Filed in: Media
First off, I am not suggesting that you share your books or customer list with your competitors, however for Seed, Early, and Growth Stage companies there is a great deal of value that can come out of some collaboration with your competitors within the industry. By taking the time to get to know each other and to explore common challenges that you face within the industry, you can then begin to find ways to work together for the benefit of everyone within your industry. For example, by working together you may have a bigger voice in order to take on lobbying for some new government regulations, or you can explore new methodologies and technologies that can increase the efficiency and profitability of both of your businesses. In the article, Brian even states "...who knows when I might need my competition for help?"
Lets face it...if there is truly opportunity and money within your market, then you will always have competition. So, why not find a way to work with your competitors so that you both can benefit. After all, if you are truly committed to your industry, and you are focused on your customers and their success, then you should not be overly worried about your competition. If you have built a solid relationship with your customers then they will want to return to you despite any type of "competitive advantage" that your competitors may have. If you are truly close to your customers then you will find out about any of these "advantages" that your competitors may have well before it begins to have an impact on your bottom line.
So. much like what is suggested at the end of this article, I too would like to challenge you to pick up the phone and call your fiercest competitor. Have a discussion to find ways to work together for the benefit of your industry and your customers as a whole.
P.S. If you have not picked up a copy of this months edition of Profit magazine, then you may want to as it also includes the Hot 50 - Canada's Emerging Growth Companies list. It is a source of information as well as motivation. Congratulations to all of the Canadian companies (including some of our Customers) who have made it onto this years list.