IÂ don’t know about you, but my partners and I sometimes find it difficult to infuse new and fresh ideas into our company on a consistent basis. However, over the years, we have learned many techniques to keep the flow of new ideas continuous and remain competitive within our chosen niches.
In this article, I will share with you one of the best ideas we have learned. This idea is guaranteed to keep your company stocked full with new ideas and provide a new perspective to your management team twice a year.
If you are the leading brand in your niche, this technique will provide you with the stimulus to keep your brand in the lead. If you are currently not the leading brand in your chosen niche, this technique will provide you with the fuel to catapult your brand to #1.
Let me ask you a question, Is your brand worth buying? Let me explain what I mean. Every six months, my partners and I conduct in-depth due diligence meetings to review every aspect of our company. We schedule an entire day to review every department of our company including marketing, management, branding, finance, new product launches, etc.
Since we own several companies, it is a very intensive one day worth of analysis and review. We usually conduct these one-day due diligence meetings during April and just after Halloween. The purpose of this meeting is to purchase each of our companies twice a year. In essence, we pretend we are buying our company every six months.
This mental gameâ permits us to look at our company with a new and fresh perspective. It keeps us on the cutting edge of our niche. During this time, nothing is sacred. If a new marketing plan or new product is not meeting expectations, this allows us to either update our plan or eliminate the plan or product.
Since most major changes in a business occur shortly after an acquisition, these make believe acquisition meetings provide a justification to make any major changes without selectively targeting any one plan or product. In addition, nothing is personal and nobody gets their feelings hurt if a pet product or marketing plan gets cut.
Is your business worth buying? The only way to find out is to conduct a due diligence meeting every six months. Although, these meetings are pretend, they will provide you with a fresh perspective and insight into your business. If you conduct these meetings as if you are actually buying your business, I guarantee you will have a new perspective on your business every six months. This new perspective will keep your company on the cutting edge of your selected niche.
Great idea. Another benifit you might want to list here is that such an event will also help to develop an unique corporate culture, which prevents associates from hopping jobs.