Is Your Successful Business in the 1st Stage of Business Failure, and You Don’t Know It? Read to know how to check it…
Starting a business is a very tough job. But then, after many years of extra ordinary hard work, you push your competitors or you build a new virgin market, and finally you are no longer struggling! You have become a reputed player in the market, you have loyal customers, and you are making profits. In fact, you start to make enough profits that “make you happy and complacent”. Now, after all the years of hard work, it is natural but dangerous to be complacent. Why? Because the market is dynamic, it’s changing always. The customer tastes are changing, they become more demanding, and there’s always a new player who comes with something new that your customers might fall in love with! And that’s why it’s dangerous to be complacent. As you know, “complacency” is that feeling among businessmen that “this is enough… we are “satisfied”….customers trust us so much that our competitors will not steal our customers…our quality is superior… and worst “we don’t have a competition!” mentality.
Now complacency leads to guaranteed business failure. When it will fail is just a matter to time.
Now Failure was 5 stages according to JIM COLLINS, the author of “How The Mighty Fall & Why Some Companies Never Give In”. He states the 5 stages as;
1st Stage: This stage is when the businessman becomes arrogant with his success and/or when he believes that he is successful because “of what he does”, rather than the reason “why he is doing it and in what conditions it will work or not work”. In the former case, he will not change what he is doing (it can be a product that refuses to evolve with customer preference changes, or a service that refuses to update itself to what competitors are doing), just because it has worked for some time (past success, without considering the future). So how do you know if you are in this stage? Ask yourself,
These are just some questions to think about, to know if you are in the first stage of failure. If you are then take a reverse turn, correct all your mistakes, and steer away from potential failure.
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I hope you have a great day. Today, my thoughts are not in the form of a blog, but a presentation (so you don’t have to spend lot of time reading through!). It’s a presentation about how we write reports, and why we should change it.
People hate reading, that too when the content is dry like business content or reports. So I have a new method of presenting your reports. Please go through my presentation on “Why Should Reports Be So Boring?”
Hope you find it interesting!
Thus we may know that there are five essentials for victory:
(1) He will win who knows when to fight and when not to fight.
(2) He will win who knows how to handle both superior and inferior forces.
(3) He will win whose army is animated by the same spirit throughout all its ranks.
(4) He will win who, prepared himself, waits to take the enemy unprepared.
(5) He will win who has military capacity and is not interfered with by the sovereign
From Art of War by Sun Tzu. A book used by management experts in the corporate war.