In 2011, we need to put the growth back into our businesses while remembering the painful lessons learned over the past few years. Many of us were victims of the philosophy that “bigger is better” and built organizations that were inflexible and bureaucratic. We had become complacent.
Success will come by sticking with business basics such as providing great service, offering training and fair compensation to employees, managing resources to revenue streams, and tightening credit and collections applications. Principles such as a strong bottom line, a partner-focused supplier network and, most importantly, a diverse customer base are critical to sustaining a business.
Our organizations also need to be nimble enough to respond to the peaks and valleys of the macroeconomic challenges beyond our control. We should be prepared to be at the forefront as customers execute steps to transform their supply chains. The winners will be the companies that adapt to the changes and find profitable opportunities where others only see obstacles.