• Skip to main content
  • Skip to after header navigation
  • Skip to site footer

Sources of Insight

Better Insights, Better Results

  • About
  • Latest
  • Articles
  • Books
  • Courses
  • Topics
    • Productivity
    • Leadership
    • Emotional Intelligence
    • Intellectual Horsepower
    • Happiness
    • Mental Health
    • Personal Development
    • All Topics
  • Resources
    • Books I Recommend
    • Book Summaries
    • Great Lessons
    • Great Quotes
    • Products I Recommend
    • All Resources
  • Contact

Exploit the Future: What is Your Business, What Will It Be, and What Should It Be?

by JD

What Our Business Is Will Be and Should Be

“A business that makes nothing but money is a poor business.” — Henry Ford

What is your business? … What will it be? … What should it be?

These are powerful questions to ask and answer when you develop your business.

In The Essential Drucker, Peter Drucker writes about asking what your business is, will be, and should be to avoid spending your energy defending yesterday and instead, spend your energy exploiting today and the future.

What Should Your Business Be

You should aim to figure out how to modify, extend and develop your business.

Via The Essential Drucker:

“What will our business be?  Aims at adaption to anticipated changes.  It aims at modifying, extending, and developing the existing, ongoing business. 

But there is need also to ask, What should our business be?  What opportunities are opening up or can be created to fulfill the purpose and mission of the business by making it into a different business? 

Businesses that fail to ask this question are likely to miss their major opportunity.”

Systematically Abandon the Old

You should adjust for changes in society, economy, and market as well as respond to innovation

Via The Essential Drucker:

“Next to changes in society, economy, and market as factors demanding consideration in answering the question What should our business be? comes, of course, innovation, one’s own and that of others. 

Just as important as the decision on what new and different things to do is planned, systematic abandonment of the old that no longer fits the purpose and mission of the business, no longer conveys satisfaction to the customer or customers, no longer makes a superior contribution.”

Exploit Today and Work on Making Tomorrow

You should systematically analyze what your business is and what it should be to survive and thrive.

Via The Essential Drucker:

“An essential step in deciding what our business is, what it will be, and what it should be is, therefore, systematic analysis of all existing products, services, processes, markets, end users, and distribution channels.  Are they still viable?  And are they likely to remain viable?  Do they still give value to the customer?  And they are likely to do so tomorrow?  Do they still fit the realities of population and markets, of technology and economy?  And if not, how can we best abandon them – or at least stop pouring in further resources and efforts? 

Unless these questions are being asked seriously and systematically, and unless managements are willing to act on the answers to them, the best definition of “what our business is, will be, and should be,” will remain a pious platitude. 

Energy will be used up in defending yesterday.  No one will have the time, resources or will to work on exploiting today, let alone to work on making tomorrow.”

Purpose and Mission Enable Objectives, Strategies, and Focus

Defining the purpose of your business is the key to managing a business.

Via The Essential Drucker:

“Defining the purpose and the mission of the business is difficult, painful and risky. 

But it alone enables a business to set objectives, to develop strategies, to concentrate its resources, and to go to work.  It alone enables a business to be managed for performance.”

Key Take Aways

Here are my key take aways:

  • Ask what your business should be.
  • Systematically abandon what no longer adds value.
  • Don’t waste energy defending yesterday.
  • Exploit today and tomorrow through systematic analysis.
  • Systematically analyze existing products, services, processes, markets, end users and distribution channels.
  • Defining your business’s purpose and mission enable you to set objectives, develop strategies, and concentrate resources.

When you are developing your business, skate to where the puck will be.

You Might Also Like

How Much Profitability Do You Really Need?

5 Bad Entrepreneurial Habits

Vision, Mission, and Values

Measure of Success

Four Needs of the Organization

Photo by cogdogblog.

Category: Book Nuggets, Business Effectiveness, Business Skills, Effectiveness, Innovation, Leadership, Management, Personal EffectivenessTag: Books, Business, Effectiveness, Innovation

About JD

Previous Post:5 Bad Entrepreneurial Habits
Next Post:How Objectives are Like Flight Plans (Keep Them Flexible and Refine Them)Think of Objectives Like Flight Plans

Sidebar

About the Author

JDI am J.D. Meier. Join me on a quest for the world's best insights and actions for work and life. Learn more...

My Best-Selling Book

This is the book that changes lives ...

Become a Better You with Skill!

Learn better skills for work and life. Stand on the shoulders of giants and awaken your greatness. Realize your human potential through the world’s best insights and actions for mind, body, emotions, career, finance, relationships, and fun.

Features

  • Book Summaries
  • Books I Recommend
  • Great Lessons Learned
  • Great Quotes
  • How Tos
  • Lists
  • Best Products

My Other Sites

JD Meier.com
Getting Results.com

Copyright © 2023 · Sources of Insight · All Rights Reserved