In the mid-1800’s, P.T. Barnum and his Flying Circus used to parade through towns on something he coined the “bandwagon.” It was gaudy, hard to miss, and a great marketing tool to let people know the circus was in town. Later, politicians used the same method to gain attention for their message, and it worked. People are drawn to the latest and greatest spectacle, even if it’s not strategic for them.
People jump on these bandwagons because something bad or unwanted has not happened to those driving the bandwagon and as such, they are protected from harm. This creates a false sense of security when your business is doing well in well established markets and market conditions for your product is good. To state the obvious, many businesses get on the bandwagon after the parade has passed.
One bandwagon phrase that is particularly troubling is “best practices.” The term is generic, overused and does not consider your business’s specific circumstances. Many times, best practices do not fit a small company’s strategy because they require extensive resources to implement and maintain. Best practices are a by-product of a good strategic plan. If implemented correctly, your strategic plan will continually adapt to the best practice that meets your company’s goals for sales, operations, and customer service.
In the small business world, it is often rare to have a published strategic plan that actually drives what everyone in the company does. If the strategic plan in not well-defined, there will likely be counter acting forces within the company working against each other that will prevent your success. The key is to develop the following as part of your strategic plan:
- A measurement system to monitor results toward the plan’s goal
- A recruitment system that will not only hire but keep good employees to drive the plan
- An incentive system to drive the plan
- A cohesive team that works together to achieve the goals of the plan
- A culture that continually adapts and adjusts to drive the plan
- Continuous training to support your strategic goals
Last but not least, it is important to get someone from outside of your company to give input periodically. An objective third party who has experience creating and executing against complex strategic plans can help a company set the goals and strategy necessary to win. Outsiders also won’t be protecting turf or acting in their own department’s self-interest so they are much more likely to provide unbiased input.
With the right strategy and employing the right resources, I believe that small businesses can lead instead of getting on the latest bandwagon—and driving new and innovative ways of doing business that will help them reach their goals.