CEOs and other leaders looking to push their businesses forward might dig deep into analytics, hire the best strategic forecasters and lean on the board for an unshakable vision for the future.
While all these methods are time-tested, there’s another way to elevate your company to the next level — by learning from other businesses.
Following other organizations is one of the best learning tools at a CEO’s disposal today. Plus, it’s absolutely free. Studying what makes other organizations succeed or fail provides keen insights you can use to evolve your own company. That means your best teacher might very well be your closest competitor.
Think about it for a minute. How many companies have tried to mimic the culture that Google is so well known for? The tech behemoth has literally redefined the rules for company culture in the technology field.
Recruiting is another area that is evolving rapidly and there are many companies charging the change. At Zappos, every candidate interviews to determine their level of cultural fit. That result counts for 50 percent when considering whether an employee is hired or not. What’s more, to ensure the right fit long-term, employees are offered $2,000 to quit after the first week of training.
Radical? Perhaps. Methods other companies can learn from? Absolutely.
If your brand is stale, there are countless examples of rebranding done right. In the past just the mention of Old Spice conjured images of your grandfather and his friends. After NFL player Isaiah Mustafa got involved in an entertaining and clever ad campaign, the brand and its products were instantly reinvented.
Of course it’s not just companies that provide inspiration. Learning from those companies’ leaders can provide invaluable insight, too. Everyone has read about Warren Buffet, Larry Page, Jeff Bezos and so many more. You could drive yourself crazy following every award-winning executive. Instead, select leaders to learn from based on two criteria: characteristics of interest and industry. For example, if you want to learn about women executives in the tech industry, Sheryl Sandberg would be a great fit.
Big names are just the start. Many cities have thriving professional organizations that are perfect for networking and meeting other leaders who can provide important lessons and perhaps even offer opportunities for collaboration. It doesn’t matter if you want to inspire your creativity, gain important customer insights or learn about new communication methods, learning from the surrounding business environment will help you excel at your own business.
A final thought: There’s value in learning from other businesses both what to do and what not to do.
It’s important to keep an eye on the mistakes others make so you don’t repeat them, and don’t always dwell on the negative. Be fascinated by the challenges, intrigued the strategy, and inspired by the successes to help make your own company better than ever.
