In rounding up, you must be able to understand the perception of your suppliers, customers, competitors, government and the general public. If you don’t, you won’t last long in the market space.
Carry out survey to know what your suppliers think about your bid process, payment timeline and method. Are you always asking for deliveries under terms that are near impossible? Do you know you may be responsible for those inferior supplies? Check things out from the other side and your view will become broadened.
Feel the pulse of your customers through customer focus group discussion or other means. Your customers may not be pleased with the value they derive from your products or services, the value they appreciate might even be completely different from the value you place on priority. If you carry out a proper survey, you might be shocked at your findings.
Knowing how your competitors perceive you will help your business to be properly positioned in the market. Do you see yourself as a major force in the market? Is this how other players perceive you?
Government perspective is usually along the line of ensuring a healthy environment, fulfilling tax obligations and compliance with regulations. If you understand this perception, you will avoid a lot of trouble.
In summary, what you see may not be what others see, you can only make informed decisions if you consider the perceptions of the stakeholders in whatever you do.
Thank you for following through in this series. Have a great week.