What can ruin your business?

This weekend I took some time to stop and think.

What was on my mind was ‘complacency’ and I want to share my thinking with you…

Let’s face it, complacency can be a deadly enemy to any business.

We’ve seen it haven’t we? Where a business and its leadership has reached a state of being satisfied with the status quo and become lazy or indifferent to changes that may be necessary for growth and sustainability.

Aspects I have seen that complacency leads to in a business:
1.     Stagnation - where a business fails to innovate and adapt to changing market dynamics. This can result in lost opportunities and decreased revenue. As Warren Buffett said, "Without continual growth and progress, such words as improvement, achievement, and success have no meaning."
2.     Lack of foresight - where a business fails to anticipate changes in the market or industry. This can result in being caught off guard by new competitors or disruptive technologies. As Bill Gates said, "We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don't let yourself be lulled into inaction."
3.     Reduced productivity - where employees become content with the status quo and fail to strive for excellence and management allow it or simply don’t notice. This can result in decreased efficiency and lower quality products or services. As Zig Ziglar said, "Complacency is a continuous struggle that we all have to fight."
4.     Poor customer service - where a business fails to go above and beyond to meet the needs of its customers. This can result in lost business and a negative reputation. As Tony Hsieh said, "Customer service shouldn't just be a department, it should be the entire company."
5.     Resistance to change - where a business becomes entrenched in its ways and fails to embrace new ideas or approaches. This can result in missed opportunities and a failure to evolve with the times. As John F. Kennedy said, "Change is the law of life. And those who look only to the past or present are certain to miss the future."

Crazy isn’t it, but those 5 ‘little’ aspects can literally be silent killers of a business. To avoid this, it is important to foster a culture of innovation and continuous improvement, to be proactive in anticipating changes, to strive for excellence in all aspects of the business, to prioritize customer service, and to embrace change as a necessary part of growth and success.

It's easy on LinkedIn or anywhere on the web to portray our best selves, and yet I suspect many business leaders and their businesses are actually struggling.

So today ask this question: are you and/or your business being complacent? And honestly answer the question.

If you’d value your business being challenged in an open, honest and proactive way, and would welcome inviting some fresh thinking into your business, contact me through the links on this page, I'd love to help you.