In business it is important to understand when to carry on regardless and when not. The Chinese are a prime example of staying with something that works, past when it doesn’t.
Their steel production was incredible, but only had one gear … forward, their state owned enterprises that had been well thought and planned for production, in the Japanese style of providing societies around the enterprise was amazing. They provided steel for their incredible growth, however when their own consumption declined they were left with a system providing a continuing mountain of steel that seemed to have no stop button.
It can be very hard to come to terms with changes to successful systems that have worked so well for so long, however for the smaller concern it is the difference between success and failure.
The modern day company must have a system that gives as much information regarding trends and activities, such analysis that looks as far ahead as possible, analysing Customer enquiries, quotations (hit rates when possible), such analysis can provide future vision far further than the standard method of actual order book, or wild speculation.
Next Blog: https://www.vr-tech.uk/post/don-t-panic-ok-panic