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Stay alive, and thrive!

Posted on:  ,  | Author: ATB Business & Agriculture

Even in the tough economic times we’re facing today, there are businesses that are thriving. So what are these businesses doing? Michael Sikorsky, CEO Global and co-founder of Robots and Pencils Inc., explained his view at an event called "Rev: Sustain, Accelerate, Thrive" put on by the Calgary Chamber May 12, 2015.

Listening to Michael's straightforward approach to running a business, it's easy to see why he’s been recognized worldwide for his entrepreneurial thinking. Here are some tips on how to make a business successful, based on his ideas:

  • Avoid the buffet trap

    None of the best restaurants are buffets, and there are good reasons for that. Instead of trying to offer everything, focus on what you're really good at.

    Try the "short list test" to avoid this common trap. To do this, create two columns, Column A and Column B. Find something that you do differently that will put every other competitor out there in Column A, leaving only you in Column B. As long as you have that one thing, you will be able to continue to attract customers.

  • Consider your culture

    Culture is the operating system of a business. It defines how your business interacts not only within itself, but also with the outside world. There are a lot of great business cultures out there, but your culture must manifest itself in your strategy.

  • Create a positive work culture appropriate for your business and industry. Attempting to copy the culture of another company often results in failure.

  • Grow!

    No growth is a zero sum game. Trying to stagnate growth may be a tempting option, but it can only work for so long if you plan to continue to be successful. If you’re no longer growing, the only way to stay successful is to hope for competitors to fail. And if you’re hiring great, creative people, you have to continue to innovate to keep them around.

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