Superpower 9: The importance of having the ability to focus on what is critical for your China business
You have come a long way since you decided to launch your business in China. Your education, research and due diligence have paid off and your company is on the right track. At this point, the big question you should ask yourself is: are you focusing on your strategy and growth plan?
Superpower 9 will enable you to look at the future and longevity of your company. Once you have implemented the necessary operational systems and protected your firm’s assets, focusing on the critical aspects of your business will help you overcome obstacles and be prepared to make the right decisions.
At this point you should not be fixing issues anymore. Instead, at this junction, you should have established operational guidelines and designed a strategic action plan.
This is especially important during the early stages of your company’s development, in order to ensure that your focus is really on the core activities, which will bring you your business. For this reason, the backend should be set up properly, or you won’t be able to do that.
Many foreign companies face fierce competition in China and have serious problems when it comes to adapting to a different country and business culture. They believe they can do things as usual and refuse to be flexible. However, the speed in which markets morph in China requires business professionals to be prepared to think and act fast.
The most successful companies are able to adapt quick and develop the necessary operations, in line with the speed of the market’s developments. Focusing on the critical aspects of your business will allow you to identify opportunities and move accordingly, without wasting any time.
Time is money in the business world, and it is especially true in China. Do not waste time in having everything perfect. In China, you need to move and adapt to changes fast, and striving to be perfect is time consuming and costly and will rarely equal success. Accepting that imperfection is a part of doing business in China will allow you to move forward and grow.
There is no perfect formula either to succeed in China. Learning from your mistakes and keeping your eyes on your objective, should be sufficient to guide you through the unpredictable obstacles that you may encounter.
Be aware that every situation and company is different and what worked for others, will not necessarily work for you. Superpower 9 is there to remind you that the critical aspects of your business, the core and essence of your company, are your main focus.
There is no overnight success in China. However, making small continuous improvements to your operation regularly will have a positive impact and keep your company up to date. This will allow you as well to implement your growth plan.
If the COVID-19 world pandemic has taught us anything is that the future is impossible to predict and given the ever-changing nature of Chinese markets, your business plan should not be designed to cover more that 1 or 2 years.
Having a yearly target is a good thing, but you should review your strategy every six months according to the latest developments in your industry. This will enable you to stay current, adapt and make modifications if needed.
In order to focus on what really works for your company in China, you may have to give up certain preconceived notions and ideas. No matter how many marketing and research books or experts’ articles you read, the best way to know your core business is by listening to your consumers, clients, suppliers and colleagues.
You should always focus on what works and avoid what does not work. Stop finding excuses for the non-success of your project and be honest with yourself. Why did you fail and how can you solve these problems? By focusing on what is critical, and mastering Superpower 9, you will be able to answer this question.
Knowing what your company is about and why it exists will provide you a platform to build upon. It will become your organization’s soul and identity, and it will give you and your team a purpose to remain focused on.
Research shows that businesses are using purpose to create deeper connections with consumers, do more for the communities with which they work, attract and retain talent, and in the process, are achieving greater results and impact.
Companies that lead with purpose and build around it can achieve continued loyalty, consistency, and relevance in the lives of consumers. Those that fail to identify and articulate their purpose may survive in the short term, but over time, people are likely to demand more.
Purpose-driven companies witness higher market share gains and grow on average three times faster than their competitors, all the while achieving higher employee and customer satisfaction.
The 9 Superpowers that we have analyzed in this article series are building blocks and provide you with a clear picture of the necessary steps to establish a solid presence in the Chinese market.
Always remember that China will not adapt to you, but you need to adapt to China. Keeping an open mind, respecting local customs and showing a willingness to learn will open many doors and win you the trust and loyalty of many key players along the way.
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DISCLAIMER: All information in this article is verified to the best of our ability and is assumed to be correct at time of release; however, Woodburn Accountants & Advisors does not accept responsibility for any losses arising from reliance on the information provided within. The information provided is for general guidance and does not replace specialized advice.