How to think big with your business
“If you’re offered a seat on a rocket ship, don’t ask what seat! Just get on.” — Sheryl Sandberg, Facebook COO
A significant proportion of those in business tend to think of taking risks as a bad thing — that trying to solve something new may end in failure, and that it’s best to focus on being efficient with your day to day rather than tackling a new project that may or may not yield the desired results.
What we have here is small thinking, and there is no bigger risk I can think of than that. Picture this: Company A is in the widgets business and becomes aware of an opportunity to open up a new line of premium widgets, which are a fastgrowing segment. There are many other players in this market, but they have the capability in place to capitalise on this potentially-lucrative new business. The management look into the idea, and tell themselves the following: Our company is too small to compete with larger firms We don’t truly believe what we offer will be any different from what others offer We don’t have the skills to create a plan for this new line of business We’re not qualified (educated, experienced, etc) enough yet With the above small-thinking mindset, Company A decides that the premium widgets business is a “no-go” and turn the business down. Company B is also in the widgets business and has a similar setup. The only difference is their management have a big-thinking mindset; instead of focusing on the risks and limitations of this new business offering, they do the following: They give themselves time to think. They move their dayto- day work to the side, which allows them to deconstruct the risks and uncover the possibilities of this new
People are receptive to different forms of communication, so having as many tactics in your arsenal as possible is a good thing
business. To do this, they book time in their calendars to think, and during this time they don’t take calls, answer e-mail, or do anything else that could distract the bigthinking process. They ask big-thinking questions — “What problems would this new product solve for our customers?”, “What is the opportunity we have with this new line of business?”, “How could it change our level of success?” — are the kind of questions that are asked. This helps visualise what it would be like to take the leap and launch the product, and helps anticipate any obstacles that could hinder a successful launch. They look for outside ideas and help. They realise that this is a decision that many other companies in other industries have had to make at some point. They look at case studies, ask their peers in other industries, and perhaps hire someone who has faced the same opportunity as they currently have for their opinion. In doing so, they find that there is a significant opportunity for them to launch into this potentially profitable market and grow their business. They start small. Once they have decided on moving forward, they don’t bet the farm by taking huge risks. They start small, get feedback from customers, and progressively improve the new product until it’s a viable contender for a sizeable share of the market. The difference between the approaches of Company A and B is their mindset. Company A is risk averse and is set on small thinking. Company B, on the other hand, is open to new ideas and realises that there is no reward unless there is risk. They realise that without absorbing some level of risk, there is a high probability that their business will become complacent, mediocre, and someday be outpaced by the competition.
So instead of turning away from an opportunity, they make an effort to assess it and look at ways to minimise that risk through some planning, looking outward rather than inward, and starting small. They realise that there is a real chance of failing with any new venture, but with that comes a degree of learning and insight that can take their next attempt that much closer to success.
How successful your business will be is directly correlated with how big you think. Integrating big thinking in your business will give it a competitive advantage over others still sweating away on the small stuff. The writer is the managing director of ACK Solutions.