Does your company taste success at the moment? Excellent. Don’t be too confident, though. You never know what could go wrong.
Experts say that what you believe is your biggest strength may just as well transform into your biggest weakness out of nowhere. Too much of anything is too bad even if that particular skill is very effective. Take execution for example. If you are a great executer you may end up becoming a micromanager without even realizing it. Execution is awesome but micromanaging is definitely not. The same holds true on other levels as well.
Find out three success-hindrances that you would never quite believe exist:
So you fought hard for liability and won. Compare that to the resources you lost, effort you put in, and the time you spent and you will feel out of place. It has happened more often than not that even after winning liabilities, companies are shaken because they no more have the resources or money to improve.
Assess your business and yourself whether it is vibrant or whether it is already showing signs of rotting because you fought too hard for liability.
Of course it is excellent to get a customer who has massive orders for you. You are happy that you have caught one big fish and you are happy that everything is going well. Is it seriously going well?
Take a look at the back of your business floor and make an assessment. You will realize that so much effort is going into doing your best for one customer that you are neglecting the entire market. Everything right from pricing to supply is being affected negatively because of one big customer. What will be the result? You will end up depending so much on this single customer that if you lose him, your business will crumple.
Now think about your customer. Has he actually improved things for you or are you just trapped?
Do you have a maverick employee or team member who is known to get things done? Is he hard and efficient? Be careful for he may turn into an absolute jerk and ruin the culture of your company within minutes! Of course the person has stuck with your company and helped you build it into the entity it is today but drunken with power, he might as well be responsible for the company’s failure in the future.
How do you assess your asset? Take a look at how he behaves with others in the company. If the behavior is on the negative side, it is time to part ways.
In order to avoid these things from happening you have to start managing every aspect of your company well. Brush up your management skills so that the reasons behind your success don’t become the reasons behind your failure as well.
Don’t be so much into tasting your company’s success that you forget about things that could go wrong. Learn to manage your employees, customers, and your legacy well so that the effort that goes into each does not result in your downfall.