Not long ago, these brands thought they’d arrived.
They were kings of the hill.
- MySpace totally dominated social networking.
- Blockbuster video owned home video entertainment.
- Nokia was the world’s leading mobile phone brand.
- And Internet Explorer had 94% of the web browser market.
Here’s what this means to you and your business, as you navigate the coming year.
Business success is a journey
Small and medium-sized businesses are at even greater risk of this threat.
It happens when a business grows to the point where the owner gets comfortable, stops steering wisely and starts to coast. Decisions are made on autopilot.
The hunger for success, when replaced with contentment, causes a business to plateau. And a business that plateaus soon becomes irrelevant, as their marketplace continues to move forward. The business becomes a dot in the rear view mirror. Growth is sluggish and unpredictable. They work hard, yet spin their wheels.
Here’s how to avoid this happening to you.
The art of steering your business successfully
The art of steering a business successfully, begins with accepting that you’re on a journey. And that your task is to navigate your business through the opportunities and threats ahead.
Remember: Even if you want your revenues and profits to remain the same, you still have to develop your business to account for lost clients / customers or new competitors eating into your market share, etc.
Here are a couple of suggestions.
Learn to identify the danger signs. This might include: Too many months or quarters of weak growth. Too long a gap since you last introduced a new product or service to your portfolio. Too few referrals. Too little awareness of new competitors or new trends.
Learn to spot genuine opportunities. This might include: Identifying gaps in your market. Finding ways to increase the value of your service. The introduction of new products for your existing clients. Seeking out new markets for your existing products. Improving your overall marketing strategy.
My first business mentor used to say that the reason so many businesses fail, is that failure is incredibly subtle. It’s seldom the result of one cataclysmic event or decision, but lots of small, daily errors repeated.
The way to avoid this is to grab the wheel of your business and embrace the art of steering. Fire your autopilot and take control.