Image by Getty Images via DaylifeIn business, the enemy of success is stagnation. When business is flat and the stock market ho-hum, companies like to go into a holding pattern. It’s when the market swings – up or down – that opportunities for growth present themselves.
In a downturn like we’re experiencing now, mediocrity is not an option. Uncomfortable? Yes. Bad? No. Pressure to perform is a good thing.
Look at Major League Baseball. During the 162-game regular season, a manager might put up with an occasional careless pitch or a player’s failure to run out a ground ball. But in the World Series? No way! Every pitch, every detail of execution counts. Deficient parts are repaired or replaced – quickly. The team that retools on the fly and does it well wins. Everybody else is an historical footnote.
A client of mine is discovering how this works right now. Over the past several years, the business has been growing slowly and steadily. But problems have crept in, as they always do. Since business was O.K., problems were overlooked. Profits mask a multitude of sins.
But now the pressure is on. Business conditions are deteriorating. Customers are no longer buying. These lingering problems, which were minor irritations a few months ago, are glaring deficiencies today. Now, problems are being dealt with, swiftly and decisively. When business picks up, this company will be positioned for success. It will be leaner, meaner, smarter, and more profitable than its competitors.
How can you retool your business for success? Which rusty parts need oil? Which need to be replaced?
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This is important in our personal lives as well as businesses, Brad. It’s easy to overlook our own character flaws when things are going swimmingly. But find yourself in a pressure cooker and tempers flare, fingers point, and it can be a real mess.
Best to, as you say, deal with things when they come up, no matter how inconsequential it seems. Little things have a way of turning into big things when we’re not paying attention.
Robert Hruzeks last blog post..Inlaws and Outlaws
Hi Brad – as you say, it’s easy to overlook problems when you’re doing well. I’ve done it myself. I guess the trouble is, you get so busy, you don’t get time to make improvements. But as you say, when the economy is down those problems could be the death of your business if you don’t get them fixed.
Cath Lawsons last blog post..Barrack Obama – A Leader In Twitter Use
Robert, So true. Problems seldom grow better with age.
Cath, We have to look for any silver lining we can in tough times. Getting discouraged only makes matters worse.
Brad Shorrs last blog post..Use the Economic Slump to Retool for Success