Change is the only constant they say. All Businesses go through the ebb and flow of the market, but a smart businessman keeps himself abreast of changes. Read on for more on how careful strategizing can help one tide through the tough times
Words by: Jayadev Menon Image courtesy: USA Today
Acing the market – the Roger Federer way!
Last Sunday the amazing player Roger Federer won his 8th Wimbledon title (19th Grand Slam), just a month shy of his 36th birthday!!
The Champions formula for success
After winning the Wimbledon title in 2012 Federer appeared in three Grand Slam finals, before 2017, and lost all of them – his rivals Djokovic and Nadal had his measure. For four and a half years Federer just couldn’t win one more and many (including the undersigned) had written him off. But, in 2017, he competed in two Grand Slam tournaments and won both …. Stunning!!
How did a Champion who was fading seemed to be fading at the age of 31 revive his languishing career at 35? Federer knew that his aging body couldn’t handle the rigours of back to back tournaments; so, he took breaks and played only on the surfaces that suited his game. This year, after winning the Australian Open he skipped the French Open and saved energy for his Wimbledon bid. He brought in new elements to his game that caught his opponents off guard and dug deep into his vast reservoir of self – belief. And unlike his younger self, the transformed Federer Senior keeps cool throughout the match because he realised that the biggest drain on a person’s energy is anger.
So, the Champion’s revival was purely based on a cleverly thought out strategy, which involved greater control over body and mind.
The entrepreneur’s double – fault
What message does the Federer story have for businessmen?
When they fail, a lot of entrepreneurs blame external factors like the lack of funds and non – availability of right resources. Time and again I have heard the clichéd statement -“If I had money I would have…”. If that was true all major corporations and rich investors should find success in every project they launch. I need not list here the number of projects that were launched with so much fanfare by many leading business houses in India and overseas only to fail miserably – they fell by the wayside without any support from the market. So, what went wrong?
Money or backing of a big name aren’t enough, businesses need to be based on sound game-plans.
Businesses can fail for all kinds of reasons – bad management, out-dated products, insufficient skills and inability to cope with change.
How to Ace the market?
Unless you have something unique that people are dying to buy you better adapt, change and be flexible enough to keep pace with changing customer needs. Most businesses fail because they read the market wrong.
Assessing the opportunity in the market or the potential for developing a market niche into a viable and sustainable business is a major preparatory and on-going activity that all astute entrepreneurs need to indulge in.
Here are a few questions to provoke thinking in the right direction
1. Do you know the market?
– Who is your customer (segment / size / territory)? How do you intend to serve the market?
2. How well thought out is your product or service?
– Will it meet your market’s expectations? Has it been tested? Can you modify it?
3. How good is your talent pool?
– Are they creative? Are they capable of delivering quality and serving your customer well?
4. Are your funded well and funded right?
– Are you getting fund at the right cost, from the right source? Are you funded for growth?
This isn’t an exhaustive list. It will be futile to explain Business Strategy in just 500 words. Serious businessmen and entrepreneurs seek advice if they are genuinely committed to their growth story.
In summary, even the great champion Roger Federer needed to change his strategy to stay relevant.
He can be reached at jayadevaksh@gmail.com