To thrive in business, it's crucial to manage the future by continuously enhancing how you serve customers, rather than relying on past achievements. Achieve this by fostering closer relationships with customers to view your business from their perspective, keeping abreast of societal trends, and relentlessly pursuing innovation and improvement. Never settle for the status quo. The most effective way to foresee the future is to create it. Actively shaping the future ensures your company's progress, as businesses either evolve by managing the future or risk obsolescence due to ongoing market changes.
In the 1990s, businesses must adapt to the paramount importance of speed in customer satisfaction. As consumers' lives become busier, with more hours dedicated to work and dual-career households becoming the norm, the demand for quick services is escalating. Ambitious individuals are trying to achieve more without increasing their leisure time, further fueling the need for speed. Companies are recognizing this shift and are responding by shortening product development cycles, utilizing computer technology to keep pace with rapidly changing consumer preferences. The parcel delivery industry, for example, was transformed by Federal Express with its overnight delivery service, setting a new standard for speed. The photo processing sector also illustrates this trend. What was once a week-long wait for photos has evolved into a booming one-hour service, raising customer expectations. To capitalize on this opportunity, businesses should first determine if speed is a critical factor in their industry. They should challenge existing time-based assumptions and scrutinize the entire request-to-delivery cycle for potential enhancements. Engaging with customers is crucial, but so is trusting one's instincts, as customers may not always know what they want until it's presented to them. Monitoring the time from customer request to delivery can reveal inefficiencies. Streamlining processes, eliminating bottlenecks, and enabling simultaneous task execution can significantly improve speed. Communicating these efforts to customers can foster involvement and awareness. Businesses might consider offering faster services at a premium and incentivizing employees to prioritize speed. Implementing time guarantees and standing by them can also be a powerful statement of commitment to speed. As time becomes an increasingly valuable commodity, the businesses that can deliver speed effectively are likely to thrive. The 1990s may well see time as the new currency, much like money was in the 1980s, and those who can navigate this shift will find success.
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