Critical Thinking is the Success to Any Business

In business, it’s success or failures boil down to one thing and that is money. Was there profit after the campaign, did it break even or is the company in the red? This is the reason managers have to be critical thinkers because this is the only way for any firm to survive.

Heads of companies and the executives do this once or twice a year planning ahead for the succeeding months. Current project are assessed and competitors are being reviewed so that a weakness can be spotted and used to the organization’s advantage.

A good example will be focusing on another target market aside from the existing one. Since coffee is often drank by those who are older, perhaps coming up with something that has less caffeine that can be served cold will work for the younger generation. This approach is exactly what Starbucks did.

This lesson was learned very well because a study by a consultancy firm showed that a lot of businesses in the 1990’s did not practice this. More than half the firms reviewed had poor revenue cost and profits models. These companies were also poor in thinking of a competitive advantage and were not concerned that much consumer benefit.

Strategic planning by critical thinkers involves not looking in the short term but farther on into the future such as where the business will be five to ten years from now. This will mean making up for the mistakes in the past then improving it for the future.

Critical thinking must always begin with the end in mind. Some people get lost thinking of how to pass the possible obstacles first and then have no idea what to do next. By marking the letter X like pirates do on a treasure map, the group can adapt to the challenges then overcome it.

The task ahead will not be easy. This involves evaluating and understanding the current internal and external environments. This may serve as a hindrance or a way to further make the company reach the goal faster.

Those on the internal side will focus on employee competence, productivity and systems integration. Those outside will depend on the demand of the people, the economy of the United States and the world at large and of course, government policy.

These things may not always be in favor of the company but there are ways to go around it and those who are working will not lose focus given that goal which may be still to far ahead is kept in mind at all times.

The only way for critical thinkers to succeed in this endeavor is to get the necessary information. This can be done through surveys to get the opinion of the people, sales reports from various government agencies that have data on rival firms and the opinions of the employees.

When all the information is there, it is time for the critical thinkers to make projections based on the current assets. Money will be spent no doubt about that and proper pricing and marketing will be the only way to make sure the new product and campaign will be successful.

It is never too late to plan ahead. Everyone is a critical thinker and it just takes some time for it to come out so the employee or the entrepreneur can succeed in any business.

About the Author:

Mario Churchill is a freelance author and has written over 200 articles on various subjects. For more information on business ideas or brainstorming checkout his recommended websites.