am back from a week long business trip to theBahamasat the Atlantis Resort. It is a very impressive venue. I cannot imagine how much money was invested to create the experience. It literally is one of those rare “spare no expense” properties. There was a TV show you could watch that documented the attention to detail in the construction process and I was blown away by the vision and commitment of the main developer. You don’t get to stay in many places like this in your lifetime. In addition, I haven’t met many people as nice as the local Bahamians.
All the above being said, I was very disappointed by how poorly the operational side of the business was run.
Every business leader should be able to make the case clearly and succinctly why their company is the preferred choice. You won’t always have alot of time to communicate your position. In fact, the more words you use, the less likely your audience will be able to remember your message. I’ve seen many talented executives and business owners stumble on this point. Sometimes the answer to a very simple question gets lost in muddled thinking or a genuine lack of understanding. A critical step in leadership success is to figure out why you should be in business in the first place.
One of a leader’s primary jobs is to constantly pay attention to the marketplace and make changes as needed. Markets are dynamic not static and as a result are constantly reinventing themselves. What worked yesterday won’t necessarily work tomorrow. Especially in the current economic environment you need to keep your options open and be flexible and opportunistic as needed. Sometimes you need to be willing to fish in another pond, try another rod and/or use different bait.
Targeting the right prospects requires thought and effort. Every business needs to know when to say no. It’s easy to say yes (or at least we think it is). Bad or mediocre clients lead to bad or medicore outcomes – it is that simple. The math doesn’t get better on its own. You need to have the expectation of a reasonable return on investment and manage to certain margin thresholds. There should also be some sense of operational synergy and a belief that you can deliver what’s expected within the expected time frame.