Confronted by speedy competitors?

• Naturally, you do not want to fall too far behind your competitors.
• So you drive yourself harder, doing more and more to keep up.
• But if you are always chasing someone else, how will you ever lead?
• Can you formulate a two-track strategy - short and long term? This means investing a portion of your time and resources in playing catch-up but being sure that you invest another portion in the longer term work of innovation that will leapfrog you into the lead at some point.
• How sure are you that your competitor's direction is the one for you?
• Remind yourself that being driven by someone else's agenda might be a way of coping but it is not managing, let alone leading.
• How can you enlist the help of others?
• A team approach is best - some to focus on delivering today's business while others look for innovative ways of leaping over competition to create the future.
• It is worth remembering that all organizations have two fundamental tasks:
  • To generate a profit or deliver expected results today.
  • To create the future through innovation.
• These tasks are very different and hence call for different skills. It is rare for any one person to be able to excel at both. Which of these tasks plays most naturally to your strengths? Who can you enlist with complementary strengths to take care of the other task?