Waterman’s book, The Renewal Factor: How the Best Get and Keep the Competitive Edge, discuss the topics of how successful businesses continue to be successful over several years. His five-star rated, New York Times bestseller brings up ideas from the psychology viewpoint, general human nature insight, and different management practices involved in running effective businesses. In this executive summary, we will discuss what renewal is and what it is not, and also, how Waterman’s eight themes of renewal and other management structures which may be applied to family ranching businesses. First of all, renewal is the term Waterman uses to refer to business practices that seem to last through the ages. These renewal businesses continue to…show more content…
As a whole, the eight themes laid out by Waterman are: opportunity, empowerment, information, viewpoint, teamwork, mobility, attitude, and commitment. The first theme is opportunity. In any business, there should be some simple planning. Know where you want your company to go, and being able to be flexible with any opportunity that may come. If you can keep up with information on all your competitors and partners, your business will be at an advantage. Knowing everything that is going on around you is important to make informed decisions when opportunity comes around. When you have plans already laid out, no matter how simple, you can adjust to combine new opportunities more smoothly. But also when unpredictable markets take a dip, you will have the advantage of maintaining your business’ flexibility. For family ranches, in order to stave off the worst of the unpredictable agricultural market, it is important to plan and set up what direction you want you ranching business to go. When the whole business knows what the goals are, the business as an entity will be far more adaptable. When in a family business, it is important to have everybody on the same page, especially when you can act as one unit. But also flexibility through planning will help create a more efficient business when opportunity arises. Being prepared for the best and the worst will make for a
As a whole, the eight themes laid out by Waterman are: opportunity, empowerment, information, viewpoint, teamwork, mobility, attitude, and commitment. The first theme is opportunity. In any business, there should be some simple planning. Know where you want your company to go, and being able to be flexible with any opportunity that may come. If you can keep up with information on all your competitors and partners, your business will be at an advantage. Knowing everything that is going on around you is important to make informed decisions when opportunity comes around. When you have plans already laid out, no matter how simple, you can adjust to combine new opportunities more smoothly. But also when unpredictable markets take a dip, you will have the advantage of maintaining your business’ flexibility. For family ranches, in order to stave off the worst of the unpredictable agricultural market, it is important to plan and set up what direction you want you ranching business to go. When the whole business knows what the goals are, the business as an entity will be far more adaptable. When in a family business, it is important to have everybody on the same page, especially when you can act as one unit. But also flexibility through planning will help create a more efficient business when opportunity arises. Being prepared for the best and the worst will make for a
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