In this video, Ravin Gandhi, co-founder and CEO of GMM Nonstick Coatings, shares a few key lessons he has learned in his experience in a competitive and niche industry.
You must adapt faster than your competitors, he says. When the industry is evolving faster than your company, that is a clear indication that the company will suffer.
To maintain this constant and competitive innovation, it is vital that you love your business. Remind yourself why you are passionate about it, and never give up.
Most important, know your business inside out. Numbers are the language of business, and the best way to keep track of your goals and progress is by tracking your KPIs, operating margin percentages, growth rates and more.