Based on the upcoming book “Nuts & Bolts” by Harry Paul and Gene Ference, Ph.D.

For as long as you can remember, you’ve done everything right with your business. You have a sound business plan, good financing, great people and a product offering with a very competitive value proposition. You’ve made plans for everything but this: Your largest competitor, possibly the largest competitor in your industry – a predator who either gobbles up smaller businesses or drives them out of business – is opening across the street. What do you do? You do have options: You can call it quits and liquidate, you can sell to this competitor, or you can stay and compete.

Many businesses take one of the first two options out of fear, but for some, these are not options. These are the businesses, some of which are second- or third-generation family affairs, that have been part of the community for many years. They choose to stay and compete, because they employ people from the area, many of whom may not be hired by the competitor, so they’d have to join the ranks of the under- or unemployed. They believe in themselves and their people and are very much part of the community. They start thinking about what is best for everyone, how to compete and how to keep the legacy alive for future generations. They will not go quietly. They are learning organizations that do what it takes to survive and thrive by educating their people to be and do their best.

“Nuts and bolts” is a simple four-part philosophy on how to do this. It includes ideas that will help you implement a strategic program through the ongoing learning of guiding management principles. This four-part philosophy will not let you become a victim of your competitors. It’s how your company can compete, no matter the odds.

1. Never give up.

Think long-term, and set goals for at least three-year time frames. Measuring your success in longer periods helps you avoid panic when you have a challenging quarter. Always strive to create a unique customer experience that cannot be duplicated by the competition. Chances are, you are much nimbler than larger competitors and can make decisions more quickly.

You can make this happen by:

• Listening actively to staff and customers
• Promoting one-on-one communication
• Conducting ongoing team-building and organizational development programs
• Implementing high standards to ensure excellence becomes reality
• Providing quick and courteous responses to customers’ needs, requests and wishes
• Conducting detailed orientations for all staff members
• Providing complete job training for all employees before they work with customers
• Providing ongoing training to all staff members

2. Take nothing for granted.

Seek continuous improvement by constantly looking for better ways of doing things and taking care not to miss an opportunity. Remember, whatever you were doing that made you successful in the past can’t and won’t in the future. You must be better, faster and different than your competitors. Always look for opportunities to live the vision, mission and values of your organization. Look at everything you do from the customers’ perspective so you can better understand why they are your customers.

You can make this happen by:

• Supporting a “there are no bad ideas” philosophy
• Being free of fear to take risks
• Always striving to be better, faster and different
• Empowering each other
• Marketing all new changes and innovations

3. Work with humility.

Never be afraid to ask for advice or admit what you don’t know. Remember, none of us is as smart as all of us. The best way to start is by listening to your people; they are closest to the action! They have first-hand knowledge of what is going on and ways to improve. Learn and improve with the collective wisdom of the entire organization.

You can make this happen by:

• Working to know each member of your company
• Delivering consistently correct messages at all times
• Conducting effective departmental meetings
• Developing an approachable management style with an open-door policy
• Providing opportunities for cross-training for all employees
• Providing staff with the best methods to communicate with managers and executives
• Empowering all employees to act without the fear of failure
• Following through with everything you set in motion
• Hiring trustworthy and competent staff
• Treating everyone with respect and dignity

4. Give back.

Be a caring and responsible member of your community. Take care of the community, and it will take care of you. It is the best and least expensive way to get the word out about your organization. Show that you are here to stay, you are there for the community, and you will not be scared off or influenced by some corporate entity many miles away.

You can make this happen by:

• Providing employment and growth opportunities
• Providing funds and services to charities and nonprofit organizations
• Providing business opportunities to local vendors
• Maintaining the integrity of natural resources
• Involving yourself in local community organizations

All four parts of the nuts and bolts philosophy must be used together. Miss any one, and you are moving away from being an effective, competitive organization. Nothing is for certain in today’s fast-paced, ever-changing, hyper-competitive business environment. All businesses have competitors, which, in a sense, is good for business. It keeps you sharp and breeds business. With a focus on nuts and bolts and ongoing learning, you have a great opportunity to grow and thrive, no matter the competitive situation.