5 of The Ways Successful Companies Can Safeguard Against Sudden Failure
It's easy to get blind-sighted when your business has been riding a momentum of success for a long time, but you have to guard against this at all costs. Sometimes the effects happen slowly, while others it happens in a flash. Here are some quick tips to help mitigate the possibility of the latter:
1. Avoid assumption-based thinking: Avoid falling for the trap that what has always worked, will continue to work in a changing business environment. This becomes more and more important to keep in mind the longer that your business has been successful, because your business environment is more likely to change in fundamentally different ways, just as you are more likely to take various realities about your business environment for granted. Questioning your core assumptions on a regular basis can help to mitigate this risk.
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2. Get internal feedback: Get internal feedback from all members of your team, regarding issues they had seen in their various sections of the company.
3. Get an outside perspective no. 1: Get outside feedback from mystery customers as well as your normal customers, and regularly review the results. This will give you objective insights into your business about how your market perceives it, that you may not have obtained otherwise.
4. Get an outside perspective no. 2: Get periodic business health audits from a consultant of your choice, and/or to ask a consultant to contribute ideas an areas the business can focus on for imporvement. This essentially helps to escape groupthink that may have sectretly crept into your business, and can be vital in reframing how you think about your business in ways that give you lucrative new insights.
5. Reduce the skill gap: A successful entrepreneur's said to me that his biggest obstacle to pushing his businesses forward, were the need for constant upskilling. This is so true because skillsets can become outdated and you do not always know all of the pieces of the puzzle as it were. This highlighted how the following points played a role in making it increasingly hard for successful companies to stay successful, the more that time goes on:
* Each leader and management team must typically be a master at each of the 5 to 8 frameworks normally required to run a strategy process from start to finish.
* The ways business environments constantly evolve, exacerbate this need for lifelong learning further
* Consistent success is driven by consistent learning and implementation, rather than becoming complacent by capping your learning at a certain level.
* The workload behind ensuring you are implementing both new industry wisdom, alongside best practices for all stages of your strategy process can be overwhelming.
* Referring back to key insights retrospectively to deal with new challenges is normally a time-draining process.
To reduce this challenge by learning and applying the 4th pilot's one-page framework that drastically reduces; the skill gap, your workload, the time required to see remarkable results and the effect of all of the above.
P.S. Even though it is great running or growing a successful company you still need to make time for yourself. As such, I would strongly suggest that you:
