Why is success so hard to sustain?
Why is it that some of the best businesses end up out of business? While there are lots of reasons that play into this, it is perhaps easier to start with why great businesses continue to soar year after year. The answer to this almost always includes two common factors: companies that continue to do well listen and respond to the needs of their best customers, and they focus on investments into the business that will yield high brand awareness or monetary returns. Easy right?
Not so much. In order to continually implement these two action steps, the leadership team of a company must paint a clear vision of where they want to go. This means not resting on their laurels or over-indulging in the fruits of past decisions. Furthermore, this requires an ability to gain the consensus of the company stakeholders who must invest their own internal social capital in order to ensure the logistics and policies required for the changes are followed by the staff.
And to be honest, this would be incredibly easy if it weren’t for a few minor hangups:
1. Fear
When business is going well, there is a fear that a bad decision could sink a good thing. Sometimes that fear of being the weak link that ruined the empire is a stronger motivator for inaction than the fear of the company not realizing its full potential. In other words, some would rather pass up a winning hand in order to avoid being the one who lost some of the poker chips already accrued.
2. Capacity
Does the leadership team have the skills necessary to continue growth? Sometimes a business can be built through raw ambition, luck, and being good at one’s craft. The problem is that expanding a company often requires a completely different skill set that includes strong communication skills, an ability to develop a team that is more capable than oneself, and the awareness to implement a structure and set of processes that can act as a strong foundation supporting future growth.
3. Complacency
Have you ever had a favorite musical artist that just stopped making music at the peak of their career when you wanted to hear them the most? Once you get to where you dreamt of, you begin fighting two new battles. One battle those at the peak constantly face is a battle for inspiration. The history and brand that has been created tends to limit innovative thinking out of a concern for alienating the core audience that can be guaranteed to buy and support. The Catch-22 is that you have to evolve your offering in order to gain new customers. Many do not want to deal with what feels like an insurmountable task, and thus hit mental blocks. Others choose not to take the risk, and settle for recreating their classics.
If the first battle is for inspiration, the second battle is against comfort. When you can survive without taking risks or evolving, there is constantly going to be a temptation to do so. While it may be true that there is not an immediate need to keep pushing forward into the headwinds of change, it is important to keep in mind that if you’re not moving forward you’re falling behind.
If you find yourself fitting into these categories, it’s not too late to work on building those necessary skills for taking your company to the next level. One great way to do this is through membership organizations that share best practices. I help lead the Kansas City Better Business Bureau, so I will of course suggest the BBB as a great place to start, but what is most important is that you start somewhere.
I look forward to seeing you at the top!
CEO Spartan Contractors
3yOr wat happens wen you take a hit as you would say in class at JEDunn
LinkedIn Top Voice 2x | Founder/CEO | Company Culture & Leadership Consultant | Executive Coach | Adjunct MBA Prof | AI Enthusiast | Speaker | Author | Skilled at engagement of people & dogs #culturematters #fulfillment
3yGreat article, Marvin. Thanks for sharing!