Jim Collins' book Good to Great has been well read and well sighted for many years. The insight this book has brought to the business world has been well documented however, many companies don’t embrace some of the concepts this book has brought to light by countless years of studying "great" or highly successful companies.
Here at Data Age/PawnMaster we practice many of the time-tested methodologies referenced in the book. The "hedgehog concept" is one all great companies embrace. The concept sees a company focusing on:
1. One thing they are very passionate about...
2. That also fuels revenues...
3. And what they can be the best in the world at.
That is it.
No multi-business approaches that distract companies, or make the business goals unclear which can often lead to the customer base suffering and the company's one goal being themselves. Many would say these are not even the good companies, but they certainly are not the great ones. Great companies are successful because of the customers they service. Listening to these customers, understanding their needs. Customers who, when they invest, they invest a result for their business. Great companies make listening to the customers their number one priority.
Great companies build from within and focus on what they do best. They deliver stability and transparency to their customers and grow from those customers' continued support. They rely on organic, stable growth rather than the headaches and instability of acquisitions. They communicate in very clear and direct ways as opposed to fluff marketing to impress rather than to educate.
This very simple "hedgehog" approach usually translates into market dominance, business longevity and business stability, which in this day and age, goes a long way.