Who would have imagined on 29th June 2007 that the launch of iPhone by Steve Jobs would change the way world operates? Even after a decade, Apple is still in complete control of the Mobile Market and the people who operate those mobiles.
With the launch of iPhone X, Apple has taken another leap to the way mankind operates and behave.
There are so many things businesses can learn from Apple. Some of the questions we need to ask ourselves which can make us uncomfortable but certainly will put us on roadmap like Apple
iPhone version was launched with Version 1 and there have been 10 different versions beings launched including several Plus versions. Like Apple, we need to ask ourselves, are we making improvements in our business the way we operate? It can either be improving customer service, radically changing customer experience, eliminating customer complaints, improving business processes, etc. Small improvements on daily/ weekly/ monthly basis could have transformational impact on business over a decade.
Many businesses after getting initial success dilute their focus and expand into non-core businesses. While investing or expanding in other businesses is a good strategy, but if you invest the money in the same business by either improving product/ service capability, expanding to other geographies, etc can make your business stronger and can survive any of the cycles.
Apple would have got easily carried away by expanding into several other categories but they have maintained their laser sharp focus on few things. As Tim Cook rightly points out, even a small table is more than sufficient to display all their products.
Given so many opportunities in the world, one should learn what not to do.
It would have been easy for Apple like so many companies to get carried away by success of iPhone and spend money recklessly on either employees, expansion or get complacent what has been invented has been invented. However, there is still a hunger to keep inventing.
Likewise, all business owners should firmly remain grounded even after the huge success they would have received in the past.
I remember one of the famous quotes from Henry Ford, ‘If I had asked people what they wanted, they would have said ‘faster horses.’
Many of the customers do not know what they would like to have and so is true with Apple. If Apple would have asked its customers, they would have always said they want faster, cheaper iPhone with extra storage space.
Who would have said about Siri, Face Recognition and so many things?
Similarly, in our businesses it’s good to have Customer Feedback and act on them. However, its important that Business Owner realize what are unfulfilled dreams/ desires of their customers which are not explained or communicated. Once you start working on them, this will certainly put you ahead of the competition and create sustainable competitive advantage.
While many of us would misunderstand that Apple is Phone Manufacturing Company, Apple is not. For Apple, the Core Business Activity is Research and Development of new Mobile Phones. They focus on inventing new things, improving customer experience, making design sleek, etc.
For Apple, even manufacturing can be a non-Core Activity. Similarly,for small businesses Human Resources, Finance and Accounting, Logistics, etc can be a non-Core Activity. You can outsource your non-core activities and just focus on what your company is best at.
Author: Sachin Lohade is a Chartered Accountant and works with Accounting Firms to improve practice and reduce costs. He can be reached out at sachin@corientbs.com or you can visit www.corientbs.co.uk