Want Your Company To Grow? Here Are 3 Words To Live By

“We’ve grown from start-up to over $10 million in 6 years. We think we know why but I want to be sure I really understand why. Help me figure it out.”3 words your company should live by to keep you in business

A few weeks ago, a potential client said almost exactly those words to me.

In the 16 years I’ve been working with business owners, I’d never heard anything like it.

It’s the opposite of what many entrepreneurs say and do. Normally they’re very confident that, because they’ve been successful, their company will continue to do well.

More recently, I met with another owner. The revenues in her company have halved.

To her credit she’s trying to find a solution, trying to find a way out of the industry that has matured and declined on her watch.

“Just find me ideas,” she said, “I don’t need advice, we know how to be successful”.

An interesting contrast, don’t you think?

Then, the other day, I saw something interesting that pulled it together for me.

From their earliest days, we teach our children 3 important words – stop, look and listen. We tell them to do it before they cross the road or do anything else that could cause them harm.

As adults, we lose sight of the lesson. Ask the shareholders of Polaroid, or Kodak, or DEC – or Blackberry.

Stop, look and listen – it can keep you in business.

No matter how well things are going, take time out from the day-to-day operations of your company.

Let’s face it, if things are going that well, there’s no reason you can’t take one day a month, or even a quarter, to think about the future.

Look outside the walls of your office or company. What’s happening in your customers’ industries? How do they use your products or services? What alternatives are they looking at?

And what’s happening in your industry? What’s the worst thing that could happen? Do some contingency planning.

Listen – surf the web, find out what’s trending in your industry. Attend some events; what are the rumors about competitors? What are your suppliers saying? What are your contemporaries thinking about the economy and the availability of funding?

The companies I mentioned earlier weren’t blindsided by threats they couldn’t have seen coming. They failed to react to market changes and new competitors that were around for some considerable time. No one came from out of left field with no warning.

Their leaders fell so deeply in love with their success that they were unable to overcome the blinders they put on their own thinking.

Stop, look, listen or risk seeing your success swept away.

The “something interesting” I saw the other day can be found here.

 

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Tags: awareness, business owners, competition, decline, execution, growth, Jim Stewart, market change, People, Planning, ProfitPATH, revenues, strategy, success, trending

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