Let the ancient Chinese philosopher and general Sun Tzu guide you to business victory.
On the Market:
“In the midst of chaos, there is also opportunity”
This quote is especially applicable in today’s constantly changing business environment. While some industries are booming, others are busting. Customer demands are constantly evolving. No one knows which direction technology, politics, or the market is headed. But this is not time to sit still, it’s time to charge ahead. Use this chaos to your advantage. Be willing to pivot and adjust your business model t0 adapt to the changing world. Watch how customers are evolving and change to meet their needs. Keep a lookout for trends and be ready to capitalize. If you understand business success is a moving target, you are more likely to achieve victory.
On Your Employees:
“Treat your men as you would your own beloved sons. And they will follow you into the deepest valley.”
This is the perfect motto to remember when dealing with employees. Contrary to what it may seem like at times, employees care about more than a paycheck. If you treat them with respect, involve them in the operations, and show them loyalty – they will notice. A tight bond with your employees will help preserve your relationship when things are not perfect. In small businesses, things go wrong and times get tough – loyal “soldiers” are vital if you want to succeed. Treat your employees well and they will gladly follow you into battle.
On the Competition:
“Thus the expert in battle moves the enemy, and is not moved by him.”
Here, Sun Tzu reminds us how to skillfully handle our competition. Good business owners are aware of competitors, but are not constantly shifting their business’s direction. They understand what their individual strengths are and stand true to them. For instance, let’s say that a discount competitor drops there prices by ten percent. At first, it is tempting to match their newly reduced price. But instead, a wiser move is to understand that your strength is a superior product or service. If you emphasize your quality rather than price, customers will likely be willing to pay more. If you stay to true to your strengths, you will find business victory.