When it comes to business success, most people instinctively look to the tech sector. After all, that’s where all the action seems to be, at least from consumers’ perspectives.
But it turns out that leaders in other industries also have valuable contributions to make, including those in extractive sectors, like mining. These businesses undergird the world economy. Without them, we wouldn’t have a tech sector (or any other for that matter).
This post takes a look at some of the insights from leaders in the mining industry and what they suggest for running a successful business. Their advice is characteristically down to Earth and something you can start implementing immediately.
What you can expect in this article:
Plan For The Long-Term
Leaders in the extractive industry must always plan for the long term. Projects can take years to come to fruition and often have payoffs that go on for decades, not just a few months, as is the case in many short-term industries.
Planning for the long term requires considering capital and what your business really offers customers. In the mining sector, the answer is obvious, but in service-based businesses, the purpose is not as obvious.
Related to this, it is also essential to be strategic. Meticulous planning helps leaders work out which direction they need to travel in to win. Balancing efficiency with safety and marketing is essential.
Being strategic should include an element of planning for volatility. While markets might seem calm now, they could explode and become unpredictable in the near future.
That’s one of the reasons many firms in extractive industries use metal core trays. These help them lay out samples and determine whether extraction at a particular site will be profitable.
Develop Your Workforce
It also pays to develop the workforce. Investing in the proper skills can drive operational efficiency and encourage workers to stay with you longer. It can also produce excellence, letting you offer customers and clients a higher quality of service compared to your rivals. Customers love firms that can deliver because of their staff’s pedigree, not just because they heavily invest in faceless automation.
Respect The Environment
Leaders in extractive industries also work to respect the environment where operations allow it. Many of the most disruptive companies have elaborate green policies to ensure the offset of the effects of their work.
Respecting the environment is challenging for many of these companies. As such, your business should consider doing it too. Having people in place who can monitor the environmental effects of your operations is a step in the right direction and something that will improve your branding.
Diversify Into New Opportunities
Finally, businesses can learn from leaders’ willingness in the extractive industry to diversify into new opportunities. Individuals aren’t afraid to experiment with new models, concepts, and approaches to improve profitability and extend margins.
Regular companies should focus on a similar approach. Continually exploring opportunities and new avenues of success can be a powerful way to protect your business and prevent it from falling foul of changes in technology or consumer tastes.