Nature can provide businesses with valuable insights. Nature’s complex systems and adaptive strategies can be used to inform decision-making and identify new opportunities. By studying the strategies used in nature, businesses can gain valuable lessons that can be applied to their operations.
First, let’s consider Meerkats. A group of meerkats stand up and look around to protect themselves from predators. They are constantly on alert and use the power of their collective vigilance to remain safe. This is an example of a reactive outlook, where a response is made based on external stimuli. The strategic outlook of a company is very different. Companies look ahead to anticipate changes in the market, identify opportunities, and make proactive decisions to optimize their operations. Companies use a range of analytical tools to assess their competitive environment and make decisions that will secure their competitive advantage. This type of outlook is proactive, rather than reactive, as it attempts to anticipate potential threats and capitalize on emerging trends. The two outlooks are very different, but both are important for survival. Meerkats must remain alert to protect themselves from predators, while companies must be forward-looking in order to remain competitive. Both outlooks require a certain level of vigilance and awareness in order to be successful.
Second, let’s marvel at the Eagle. An eagle has great vision which allows it to spot fish in the water from high altitudes. The eagle uses its keen eyesight to quickly identify potential prey and swoop in for the kill. This type of vision is based on instinct and is reactive, responding to external stimuli. A business also needs great vision, but in a different sense. Companies must look ahead to anticipate changes in the market, identify opportunities, and make proactive decisions to optimize their operations. Companies use a range of analytical tools to assess their competitive environment and make decisions that will secure their competitive advantage. This type of vision is proactive, rather than reactive, as it attempts to anticipate potential threats and capitalize on emerging trends. The two types of vision are very different, but both are important for success. Eagles need sharp vision to spot prey, while businesses need to be able to anticipate changes in order to remain competitive. Both require a level of awareness and insight to be successful.
Finally, consider Ducks and Geese. Ducks and geese fly in formation to reduce the effort for those farther back. By flying close together and in a V-shaped pattern, the birds can take advantage of the air currents created by the front birds, reducing the effort and energy required for the journey. This type of teamwork is instinctive and reactive, responding to external stimuli. Business teams also help one another out, but in a different way. Companies rely on their employees to work together and share knowledge to increase efficiency and productivity. This type of teamwork is proactive, rather than reactive, as it encourages collaboration and knowledge-sharing to achieve a common goal. The two types of teamwork are very different, but both are essential for success. Ducks and geese must work together in the air to reduce their collective effort, while business teams must cooperate to reach their objectives. Both require a level of cooperation and collaboration to be successful.
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My name is Jim Lindell. I'm a CSP-certified speaking professional and an executive coach, and I have been doing both for the last couple of decades. Please contact me if your conference needs an entertaining, practical business speaker for keynotes or breakout sessions. If you'd like to see your career grow, please talk to me about being your executive coach.
I want to talk to you about Buc-ee’s because I've finally crossed it off my bucket list. I speak all over the country and brag about Kwik Trip, an excellent gas station in the Midwest, and it's fantastic. They have clean restrooms and great convenience products. Attendees at my seminars would ask if I stopped at Buc-ee's yet.
So I tried to find out more about it because I was interested. Recently, I was driving from near Asheville, North Carolina, to Nashville, Tennessee. When I came across my first Buc-ee's, I had to stop and check it out. It was fascinating, with "tens" of gas pumps and a convenience store similar to a small Walmart. After filling up, customers go into Buc-ee's for food, apparel, souvenirs, and restrooms. So as I walked in with great anticipation, there was Buck-ee in costume. I ran up to him and asked if I could get a picture. I put my arm around him, and another Buc-ee's employee took the picture. I was so excited to be there, and I told everyone this was my first visit to a Buc-ee's.
As you walk through the store, you'll notice different areas and the size of the store; there are so many other things—souvenirs, clothing, and lots and lots of food, but what Buc-ee’s is famous for is their restrooms. So in the video, you can see an image of the world-famous restrooms. I didn't take pictures in the restrooms, but they were spotless. You will appreciate Buc-ee's if you've ever stopped at a gas station with dirty restrooms. As I walked out of Buc-ee's, I noticed they had another statue of Buc-ee, the mascot, and took another photo.
It seems like all businesses today are recruiting. Buc-ee's is no different, and they need people too. Outside the building, they had a recruiting sign encouraging people to apply to work for Buc-ee's. They offered significant wages and fringe benefits.
Connect with me
My name is Jim Lindell. I'm a CSP-certified speaking professional and an executive coach, and I have been doing both for the last couple of decades. Please contact me if your conference needs an entertaining, practical business speaker for keynotes or breakout sessions. If you'd like to see your career grow, please talk to me about being your executive coach.
How can we make “Better Mistakes Tomorrow? Using a simple 5-step approach, our mistakes become fantastic platforms for growth. Yes they may be painful, but in the long run there is wisdom, knowledge and growth in our mistakes.
If you want to increase your sales, focus on customer pain. Benefits of your products and needs of the customer are important. However buy decisions will first focus on customer pain. The customer may not even recognize the underlying reason that select your product or service. #sales #salestechniques #CPA #CEO #vpsales #coaching #salescoaching
PART 4 - 4 Essential Considerations Before Going into Business! Part 1 – Why be your own boss? Part 2 – Ideas and dreams. Part 3 – Risk. Part 4 – Your significant Other. These items precede your business plan, entity creation, and business structure. This video is the 4th and final consideration #entrepreneur #startup #startupadvice #coaching #boss #CFO #cpa #franchisee #franchise
PART 3 - 4 Essential Considerations Before Going into Business! Part 1 – Why be your own boss? Part 2 – Ideas and dreams. Part 3 – Risk. Part 4 – Your significant Other. These items precede your business plan, entity creation, and business structure. This video is the 2nd consideration #entrepreneur #startup #startupadvice #coaching #boss #CFO #cpa #franchisee #franchise
PART 2 - 4 Essential Considerations Before Going into Business! Part 1 – Why be your own boss? Part 2 – Ideas and dreams. Part 3 – Risk. Part 4 – Your significant Other. These items precede your business plan, entity creation, and business structure. This video is the 2nd consideration #entrepreneur #startup #startupadvice #coaching #boss #CFO #cpa #franchisee
Recall the idiom, "Practice Makes Perfect?" In society, we can see our sports heroes, political leaders and business leaders blatantly lie. It typically is a habit, refined over the years, and practiced regularly. Avoid it like the plague. #ethics #lying #cpas #controllers #cfos #leaders
4 Essential Considerations Before Going into Business! Part 1 – Why be your own boss? Part 2 – Ideas and dreams. Part 3 – Risk. Part 4 – Your significant Other. These items precede your business plan, entity creation, and business structure. This video is the 1st consideration #entrepreneur #startup #startupadvice #coaching #boss
Registration is Open! Please join me on December 28 for your Year-end CPE. Please visit https://thorstenconsulting.com/webcasts to Register. Year-end CPE for CPAs, Controllers, CFOs, Accountants, Accounting Professionals "Controller/CFO Strategic Outlook-2023," or "Data and Predictive Analytics / Business Intelligence." You can also register for both at the same time.
Alrighty then! SVB, Signature, Credit Suisse, East Palestine OH , etc. Companies must include contingency planning, risk analysis, scenario planning into the overall planning process. Anything less is incompetence on the part of management. This also holds true for us as individuals and our careers. What will you do, if your company closes, you lose your job, you have to change locations due to spousal move, etc. It is time for serious "Plan B" analysis. #careers #change #planning #management #job #svb #signature #creditsuisse #contingencyplanning
Have you taken the time to create a Plan B for your Business and your Career? If not, you are inviting a breakdown when difficult times or Black Swan events occur. Preparing a Plan B will help in business and career continuity. The embedded video outlines the general concepts of Plan B.
Entrepreneurs must be comfortable with risk and uncertainty. Choosing the entrepreneurial path is not for the faint-hearted. In the following image note the number of businesses that started in any given year and the corresponding percentage of businesses that are still in existence as of March 2017. The Bureau of Labor and Statistics is the source of the data.
Entrepreneur - Business Starts and Still in Existence
This data shows that:
Only 80% of the businesses make it beyond their initial year of existence.
Slightly more than 69% of businesses continue through their second year of operation.
Approximately 50% of businesses only make it to the fifth year of operation.
Undertaking the entrepreneurial path is not easy. The odds of failure may be unacceptable for would-be entrepreneurs. It is imperative that prior to starting a business, an entrepreneur must be diligent about understanding: their vision, their product or service offering, the competitive market, potential risks (both SWOT and PESTLE analysis), the business' financial needs including cash flow, ramp up timeframe, business demand for time commitment beyond 40 hour work weeks and most importantly the impact on their personal life.
The ability to accurately forecast the economy and the markets is similar to the search for the Holy Grail. This chart shows the previous two recessions as contrasted with the Industrial Production Statistics (G17) and the respective 3 and 12-month averages. Note that the crossover at the end of 2015 is very similar to the crossovers that occurred just before the onset of the last two recessions. I believe that this does not bode well for the rest of our economy. Six months from now, it will be easy to see in retrospect. The real challenge will be navigating through those six months.
Jim Lindell is a National Speaker, Author, and Vistage Chair. He is motivated by helping others improve their lives and businesses.
He is President of Thorsten Consulting Group, Inc.
Order Jim's book - "Controller as Business Manager".
controller as business manager - jim lindell - thorsten consulting group