Lourdes McAgy, the CEO of Total Nutrition Technology, has been a pioneer in the consumer goods industry, serving both large corporations and small businesses. Drawing from her extensive experience as an entrepreneur, she emphasizes the importance of thinking outside the box for sustainable business growth. McAgy believes that innovation is key to success and encourages entrepreneurs to ask for what they want, address real needs, and take measured risks.
Innovation is not just a buzzword for McAgy; it is a critical driver of success. She stresses the importance of continually seeking new solutions and improvements. By asking questions, staying curious, and exploring possibilities, entrepreneurs can find creative solutions to problems. McAgy also emphasizes the importance of addressing a real need in the market, rather than simply copying existing models. By developing products and services that resonate with market demand, businesses can drive innovation and make a meaningful impact.
When it comes to taking risks, McAgy advises entrepreneurs to differentiate between calculated risks and reckless gambles. While it is tempting to dive headfirst into creative and innovative ideas, it is essential to weigh the risks and benefits beforehand. McAgy’s approach to innovation focuses on minimizing potential losses and running a thoughtful, sustainable business. She also warns against overpromising, as it can lead to failure and damage a business’s reputation. Setting realistic expectations and consistently delivering on promises can help build trust and credibility with customers, partners, and stakeholders.
In addition to innovation, McAgy emphasizes the importance of paying attention to details and developing a roadmap to achieve business goals. Being able to execute a plan effectively requires careful oversight and a focus on every aspect of the business, from operations to customer service. By creating processes and checklists, entrepreneurs can ensure that all parts of the plan are functioning correctly. McAgy also highlights the need for flexibility and having a backup plan, as business is unpredictable and changes may occur unexpectedly.
Overall, McAgy believes that a balanced approach to innovation is essential for sustainable business growth. By fostering a culture of innovation, balancing risks, maintaining realistic promises, and paying attention to detail, entrepreneurs can build a strong foundation for success. As a member of the Forbes Business Council, McAgy continues to share her insights and strategies to help business owners and leaders navigate the challenges of entrepreneurship and drive growth through innovation.