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Double Dip or Double Digit

Once again we hear about the possibility of double dip recession. As business owners and managers we can always cite these uncertain times as reasons to play it safe or keep things tight. It's the right way to handle this isn't it? Better safe than sorry?

Another mindset however might just turn a tough market situation in favour of your business and against your competition? A mindset more like 'nothing  ventured, nothing gained'. What if your competition adopts this mindset while you take the cautionary route?

Whatever the background it is so easy to use circumstances as excuses to do nothing – we at Tinderbox believe that the businesses that do something now will be the winners.

By introducing three key thinking strategies to your business you could create a dynamic combination tools that could ignite your business and achieve breakthrough results. As part of our Business Community programme we bring you this combination of powerful business tools, based on thinking that can truly accelerate your business performance:

THINKING STRATEGY 1: PICTURE A STEP CHANGE:

If you think that your business is going to grow by 5% in 2012 guess what? You and, more importantly, your thinking will come up with plans and ideas that support that view. Contrast this with step change thinking. Step change thinking dispels the traditional business habit of building incrementally, it challenges that standard way of targeting business performance and sets new levels. 'We are going to double our market share in 2011', 'we are going to be as powerful in our market as Coca Cola are in theirs'. This new thinking stimulates ideas and methods that move you towards that goal. An example, a furniture removals business has turnover of £7 million and thinks that it can grow 5% in the next year, slightly increasing their share of the Furniture Removals market. But what business are they in? Think a little more broadly. Are they not in a logistics business that specialises in getting delicate material from A to B efficiently and safely? If that were now the market open to them how many other opportunities open up and what sort of business increase could they look for? The fleet probably exists and is possibly underutilised. What a wonderful opportunity, started by thinking of a step change and asking the question – \'what market are we really in?\' Paths trod by famous brands like Reebok historically where they moved from simply a sports shoe supplier to a leisure/ sportswear iconic brand. While finance may be tight many of these step change ideas can be self financing if thought through comprehensively. Tips to help you picture a step change for your business....

  • Reach for the stars ('the man on the top of the mountain didn't fall there')
  • Separate step change goals from the budget promise – (step change v incrementalism)
  • Don't dream vaguely and dread precisely – dream precisely and dread vaguely!
  • Accept risk
  • Distinguish between a miss and a mistake

Avoid the 'box of incrementalism' and stop being 'happy doing a bit better'. Step change thinking creates breakthrough results and can make a phenomenal difference to your business.

Thinking strategies two onwards appear in our Business Community programme, free to join.

To arrange for a no obligation discussion with one of our expert team please contact us.

David Turner

Managing Director

© Tinderbox Limited 2011

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Who we have worked with

Who we have worked with: Hallmark Cards, Coca-Cola, Hasbro, Rolls Royce, Sunseeker, Mattel, MicroSoft, Argos, Auto Glym, P&G, Ferranti, FloGas, Lloyds TSB

Tinderbox Limited Registered office: Ventura House, Ventura Park Rd, Tamworth, B78 3HL, Registered in England
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