Changes: Bowie Was Right, Look Out You Rock n Rollers

“Still don’t know what I was waiting for

And my times was running wild

A million dead-end streets and

Every time I thought I’d got it made

It seemed the taste was not so sweet.”

–David Bowie, Changes from the Hunky Dory album

This song ran through my head when I read the article, Just-in-time strategy for a turbulent world by Lowell L. Bryan.  Bryan tackles the corporate world, but the same principles would apply to artists or  small businesses.  Basically, change is good and time can be on your side.

One unique concept he proposes in his article is “for businesses to take full advantage of their best opportunities without taking unnecessary risks.”  Bryan implements this concept by advocating that businesses set up a portfolio of initiatives.

In a nutshell, his concept states that businesses  should not develop a single-minded strategy that requires a bucket full of resources.  Instead, develop smaller pilot programs at much smaller price tags, and re-evaluate constantly.  The small business or artist will be able to switch directions quicker because they will not be so heavily invested in any one.

This concept can be achieved more today, than any time in the last one hundred years because of technology.  Technology, most notably the Internet, allows artists and small businesses to reach their target audiences in real time.  This ability will accelerate changes and require an artist or small business to adapt quickly.

So, how do you get started?  Using Bryan’s illustrations, all initiatives should adapt the artist’s and small business’s core competencies.  In other words, you have to know what you don’t know.  If you are developing your core competency, than the time frame can be much shorter, even less than one year.  The risk would be lower.

Conversely, if you are venturing into unfamiliar territories, then your time frame should be 2-3 years before it comes to fruition.  The less you know about an initiative, the larger the risk.

But, should you invest entirely in longer time frames?  The answer obviously is no.  You have to make sure you balance your longer term initiatives with your immediate ones so you can provide adequate cash flow for all of them.

Now that you have picked out your initiatives and time frames, how should you implement the plan?  Bryan suggests four steps: Search, execute, monitor progress, and reassess the initiative portfolios.  This procedure is no different than what I have been writing about all year.  In any of your initiatives, you have to measure what you are doing against benchmarks and milestones.  The old adage is if you can’t measure it, you can’t manage it.

Artists and small businesses should consider adapting this method of strategy in the fast-moving world.  Who would have believed 20 years ago that you would be able to access the world in a little handheld device?