In any year there are businesses that struggle against economic troubles. Even in boom times companies fail. With recent events even more organizations face disaster. There are many good resources for owners who need business ideas to keep their companies strong.
In any year there are businesses that struggle against economic troubles. Even in boom times companies fail. With recent events even more organizations face disaster. There are many good resources for owners who need business ideas to keep their companies strong.
Books Don't Work
In any bookstore you can find dozens or hundreds of books promising to teach you the latest business strategy to save your company. Few of these books provide useful advice because they fall into one of two categories.
The first is a glorified biography. An entrepreneur tells the story of his business and the trials and tribulations he faced as he turned it from a small one-person operation into a billion dollar corporation. While these stories might be interesting, the business ideas that can be gleaned from such a work are limited. The problems are often too specific to one person's experience and the solutions are vague.
The second is the Latest Trend. Every few years someone publishes a seminal work on business process improvement. The system illustrated takes off and is the buzzword at every company meeting. These systems are often too generalized and business owners may focus on the system to the point they lose sight of the original problems.
A better source of business ideas is an executive coach. This is an experienced business person who has faced the challenges of entrepreneurship and emerged wiser for it. The business coach has learned how to pass solutions on to others in order to make them better executives.
The advantage over a book is the coach can tailor the solutions to your particular problem. His experiences aren't going to be just like yours, but you can work together to find the common threads and come up with business ideas relevant to your industry.
The coach has another advantage over some random author: familiarity with the local market. A business in New York is different than a business in Los Angeles, Chicago or Tallahassee. Advice that works in one market might not in another.
Peer Advisory Boards
The mentor-mentee relationship can be valuable, but some business owners prefer working with other executives on a more equal level. Peer advisory boards made up of CEOs and owners of non-competing businesses allow executives to use their experiences to help others while getting business ideas for their own operations.
Exploring processes in other industries can open up new avenues of exploration. Organizations can get stuck in the "we've always done it that way" rut and continue operating in the same manner even as the company slowly fails. Business ideas from unrelated organizations can lend new insight into a problem and lead to revolutionary solutions.
Executives shouldn't go it alone. There is a world of valuable advice available that can turn your struggling business into a success story.