In gearing up to start this blog, I thought I’d garner a little insight from Peter Drucker. Drucker’s Managing for Results is one of the pinnacles of business, as we know it today. Written in 1964, Drucker is a pioneer in conceptualizing “business strategy” (the term “strategy” was never really applied to business before this).

            But how could a book, written 46 years ago, still be relevant today? It’s impossible.  With the evolution and transformation of social media, nothing is static. Books written on business just 10 years ago are so dated, their pages may as well be used as wrapping paper. But somehow, Drucker defies odds. Eerily enough, the text still stands as the most relevant piece of business literature today.

            What then would the founder of “business strategy” say about SOCIAL MEDIA? Using Drucker’s own words, we can make an educated guess. In an attempt to pay tribute, let’s see how Drucker’s concept of business then is still relevant now:

1. “Executives should spend more time and thought on the future of their business.” Social media represents the ever-changing, future business environment. It may not be the end-all, be-all, but it is represents modern development. Executives need to stay in touch with the realities of business today. It is a dynamic environment, and old methodologies will not carry a company into the future. In order to stay alive in business, we must be early adopters or at least have the ability to stay current.
2. “The best way to predict future is to create it.” Changes in digital media occur at such a frequent rate, it can sometimes seem impossible to keep up. It’s the pioneers in the industry that are creating the future. If you stay focused on what was new yesterday, you will be two steps behind the leaders tomorrow. Try to stay on top of new trends… better yet, create them!
3. “You can only manage what you can measure.” We’ve heard a thousand times, “if you can’t measure it, you can’t manage it.” Coincidentally, many fears around social media are that it is not measurable. Drucker’s quote, “what’s measured improves” speaks to the adage of measuring and managing. There are a million tools out there today to help you measure your business success through social media. It can be measured and it can be managed. But don’t get stuck using out-dated tools when new ones are constantly popping up.
4.  “For new technology to replace old, it has to have at least ten times the benefit.” Social media has definitely replaced the old ways of creating business, and digital media has done even more in the environment. The advancements of today have already replaced the old, and it’s time for people to realize that the new technology has at least ten times the benefit of the old. People who have adopted social media into their business plans know how the new technology will grow their business (if done correctly) at a remarkably faster rate. OUT with the old. And IN with the new!

BB Richardson