Successful businesses used to protect their No.1 position by keeping their guard up at all times. Investing huge sums in protecting their winning ideas, strategies and practises. Keeping their key employees under lock and key (with lips sealed). In a nutshell, doing everything possible to keep their secret sauce bottled and firmly corked.
However, there is a new breed of business emerging that does the complete opposite – and they are reaping the rewards as a result.
Think about businesses like Zappos , Southwest Airlines, Innocent Drinks, Starbucks. What is it that they all have in common (aside from becoming hugely successful businesses over the past decade)?
It is that they are not afraid to share their secret sauce – in fact they’ve turned sharing their secret sauce with the world into a game-changing competitive advantage. Whilst their laggard competitors invest huge sums in a vain attempt to defend their fleeting advantage, these new businesses are open and transparent in providing access to their culture, working practises, what makes them tick and even show-casing their key employees’ thoughts and strategies.
Identifying and then sharing your business’s secret sauce with your customers, your competitors and the world might seem counter-intuitive to most business owners, yet time and again in recent years, it proves to be that elusive missing ingredient that can be attributed to the success of that new kid on the block.
Isn’t it time for you to find and start sharing your firm’s secret sauce with the world?
[Post script: if you’ve yet to find your secret sauce, there’s never been a better time to start experimenting with some new recipes and ingredients]