Page 22 - Benjamin Franklin\'s The Way to Wealth: A 52 brilliant ideas interpretation - PDFDrive.com

appears out of nowhere thanks to technology, has since kept CEOs awake at
night all over the globe.

The point is that if you’re not evolving your business then you are surely
killing it off. Here’s an example. A smart business keeps abreast of
developments in its own market sector. A really smart business looks
beyond its own trade or market and follows trends in other, seemingly
unconnected, areas with a view to poaching good ideas or practices that can
give them that crucial boost. You don’t have to work in the clothing
business, for instance, to learn lessons from Marks and Spencer’s automated
supply line—items sold at the till automatically trigger an order to restock
right down the line to the suppliers themselves.

A few hundred years ago a successful business model would be good for a
generation, and, with a bit of tweaking from your children, might see that
business carry on for another generation. Now standing still means you
wind up with a big dead fish on your hands. Your business isn’t healthy if
you’re not already working on how to take it to the next level.

HERE’S AN IDEA FOR YOU…
You can begin to look beyond your own business area for learning
opportunities quite easily. Get hold of the trade magazines from a
completely different industry and see how they are innovating in the
management of people, products, processes and services.