Trend Watching

One company’s success is not always another company’s success. Many businesses that are quick to follow business trends experience a long line of great initial excitement only to end in frustration and investments lost. The reasons for this is that many businesses are quick to recognize great ideas, but often do not have a plan of how to successfully integrate them into their business model. Not allowing your company to get caught up in following the latest trends and fads will save you from the likelihood of failure. But if in a trend you see real potential for your company, pursue it with some initial analysis to determine its success.
Failed initiatives can cause several severe consequences other than cost. Severe issues like; doubt in management credibility, a negative impact on morale, as well as a variety of other problems. Every business initiative should begin with a strategic plan. Not every strategic plan can be successfully implemented so in order to do so the plan must be measureable against the following elements:
1. The trend should be in alignment with the overall vision and mission of the company
2. If the initiative doesn’t provide a unique competitive advantage it should at least bring you closer to an even playing field.
3. Any new project should preferably add value to existing initiative, and should show a significant enough return on investment to justify the effect of not keeping the original the same.
4. Put the idea through a risk, reward, and cost and benefit analysis.
5. Usability should be easy for the company, customers, vendors, partners etc.
6. Validate proof of concept based upon detailed, credible research.
7. There is always risk so detailed risk management provisions should be outlined
8. Adopting a trend should be based on solid business logic that corresponds with financial engineering and modeling.
9. New initiatives should contain accountability provisions. Every task should be assigned and managed according to plan.
10. Any trend must be measurable. Deliverables, benchmarks, deadlines, and success metrics.
Properly implemented initiatives keep businesses from stagnating and cause growth and development