Common Sense Not Common in Business, Part 2
There is so much pressure today on Quarterly P&Ls, potentially going IPO, trying to go social like Facebook or get agile like a Silicon Valley firm, that common sense and its associated hard work is often tossed aside in search of the next thing.
People chase the latest trending concepts on Twitter without a full understanding of the trend. They try to emulate the success of other businesses despite the differences in markets or models. They read an article in the Wall Street Journal or a book from Harvard Business Review Press and treat it like a how-to manual.
There is a lot of focus on technology firms, social networks and virtual companies. While I’m a big fan of all those things and I’ve done nicely in each of those areas, they are a type of business, not a definition of business itself.
By gathering the actual facts that impact your company, your marketplace and your customers, you should be able to build a strategy and execute the associated plans using common sense.
Yes, the pace of business has greatly accelerated. Yes, your existing methods, processing or perhaps even finances may have to change. Yes, things like the e-commerce, 3-D printers and funding via sites like Kickstarter have really lowered the barrier to entry for competitors.
Common sense, however, never changes. Business fads come and go. New companies rise and then, like Icarus, come crashing back down. Books are written, case studies done and speeches are given. Still, common sense remains.
Through all these cycles, America’s best businessman, Warren Buffett, is buying railroads and newspapers. Can you go more old school than that? Pause a moment and consider that.
In the midst of all this speed, noise and 24/7 information, the common sense approach is more valuable than ever.