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.
If you need assistance in evaluating your business status, you can use the help of professional business consultants like us. To know more call us at +91 9995 900 800 or email firstname.lastname@example.org