Business is business; and business is temperamental. One day you’re eating the bear, and the next day the bear is eating you. That’s the nature of the industry you’re in, and you love it! It keeps you on your toes, you’re always looking to grow, you’re up for the challenge and so far, you’re succeeding. But you don’t need to tell me that there’s no room for complacency in the business world. There’s always something around the corner threatening to derail your success. Here’s a few of the things you’ll need to keep your eye on.
It sounds counterproductive to say that there’s such a thing as doing too well, but it’s true: growing at a rate that you’re unable to keep speed with will cause you more damage in the long run than having a slow rate. For a business to be successful, it has to be looking at the long game. Overnight success will get you ahead of your competitors, but the race is a marathon and you’ll have used up all your energy by the time you reach mile one. Growing slowly allows the time to actually plan your route to success, rather than getting dragged along in directions you might never have wanted to go in.
Some things you need to be smart with, and technology is definitely one of these things. There is no use having ideas that will light up your industry if you don’t have the infrastructure in place that can actually handle it when the ideas come into reality. So starting with all the software and hardware in place to make your job as smooth as possible is a start. After that, it’s making sure you have systems in place to handle any technological mishaps. For starters, you’ll need to have a plan for intranet disaster recovery; losing your data and way of communicating could not only stifle your productivity, it could wind up your enterprise entirely.
Getting too Comfortable
When things are going well, it’s tempting to sit back and enjoy the ride for a while, especially if you can see your revenue growing. But remember: things are only going well up until the point when they’re not, and what happens then? One of the biggest mistakes a growing company can make is to take the value of just one customer and transfer that to the value of their business. It doesn’t matter how big the client you have on board is, if there’s only one of them then your entire success rests on their shoulders. You always need to be looking for new opportunities and pursuing options to grow.
Of course, there are many reasons businesses fail. The reasons above are better suited to smart people with a great idea, as they’re more likely to let avoidable pitfalls trip them up; indeed, the avoidable ones might be the only things that actually can stop their march to success. Take heed and don’t be hasty – you’re in this game for the long haul.