22 October 2014

To be Big or to be Great – this is the question!!!

22 October 2014

Behemoth suggested identities range from a mythological creature to an elephant, hippopotamus, rhinoceros or crocodile. Some creationists believe it to be a description of a sauropod due to its tail being described as like a cedar tree. Metaphorically, the name has come to be used for any extremely large or powerful entity. In today’s economic climate it is becoming increasingly difficult for large organizations to stay ahead of the pact. Years ago bigger meant better and there were also smug sayings like “we are too big to fail” we certainly saw what happened since 2008 which tells us that there is no such thing as being too big to fail.

Smaller leaner companies can change direction on a dime and this is very important if they are going to stay in business in today’s competitive market place. Technology has removed many of the barriers to entry into non capital essential industries. Anyone with a good idea, a laptop computer, strong determination and a bit of luck can chart a course to business success. Warren Buffet is having a bad week both IBM and Coca Cola reported poor earnings and in a flash there goes 2 billion dollars. While Mc Donald’s is quickly losing market share and this could be for a number of reasons.

The bottom line is huge organizations need to become more entrepreneurial if they are to maintain their places in the sun, smaller leaner companies have less bureaucracy and red tape to contend with and are able to seize opportunities with less infighting and corporate politics. Thirty years ago it is pretty safe to say that every single department was essential to an organization’s operation however today with advancements in technology as well as automation and outsourcing many large companies are changing the way they operate from the inside out. Basically there is no more status quo it’s ever company for itself and since money follows new trends there is no loyalty to the old guard.

There is no doubt that the internet changed the way we see the world and live in it. More and more people are living in urban areas around the world and getting their culture from restaurants, schools, markets, movies and other cultural events. Thus we are quickly all becoming city slickers in love with our smart phones our new appendage and all looking for our little piece of the proverbial pie.

Technology and innovation will get us there but top heavy management and bureaucracy will stall the organization. In today’s economic climate, companies cannot be afraid to fail because inaction in today’s market place is much the same as going backwards. There is always some college dropout sitting in their family’s garage on a laptop computer designing a faster, better and cheaper way of doing what your multi billion dollar company is doing and he can crowd source funding and become your biggest competitor in a matter of months.

“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”
– Mark Twain

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”
– Steve Jobs