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Conference innovation expert, Jeff Hurt states, “The key to lifetime learning is the ability to develop a personal GPS.” The GPS allows one to see past what’s immediately out front but also what is not. Likewise, successful business owners who develop an internal GPS can “drive” their businesses forward towards an invisible destination. This is often referred to as strategic foresight and vision.

In the 20th Century, business owners had to be great at addressing real-time threats and opportunities. They quickly steered away from short-term trouble and towards success. Often they thrived by looking through their rearview mirrors to see how historical results forecasted future performance. Many succeeded without a GPS.

Now, 21st Century business has changed the rules of the road. Simply seeing what is immediately in front of the company is no longer sufficient. McDonald’s is cutting back on hamburgers, Millennials aren’t buying cars and even Twitter isn’t selling enough advertising.

All these corporations recognize they need a better GPS.

A GPS enables a business to not just look over the hill and anticipate what trends, threats and opportunities are further up the road, but also defines the right road to take.

As a business owner, do you have a working GPS or is it over the hill?

Copyright 2015 Andy Birol All Rights Reserved

Photo credit: Tom Woodward flickr (CC BY-SA 2.0)