Success is often overshadowed by the path to get there. Many fear the journey because of the obstacles, when in fact, challenges are the cost of success and a cost we as entrepreneurs are willing to pay. As O. ROSS assists clients in their strategic actions, we compiled a list of about 20 threats we’ve witnessed this year. Here are 3 of the most common business threats to consider and a few thoughts on combating them.
Threat #1: Doing It All on Your Own
“No one can do it as well as I can.” “I can’t afford help.” “I don’t know the right people.” These are some of the excuses used in business. The fact of the matter is we’re all not good at everything and recognizing when assistance is beneficial is not only healthy, it’s a necessity that is critical to your success. Being able to self assess, know your needs, and delegate will not only have a positive individual effect, but also give your company a fair shot and growth.
Threat #2: Growing too fast
Growth is great, but growth without the capacity to quickly adapt to a changing environment can be detrimental. Being nimble is a top quality sought by top executives. Recent events such natural disasters, global market shifts, or those causing the strong economic impact show us that our abilities to be quick, clever, and resourceful clearly mark the difference between triumphs and defeats. When we put ourselves in a position to “catch-up” to change, quality degrades, integrity is compromised, and our businesses fail.
Threat #3: Not recognizing and resolving problems early or and correctly
Management is more than a typical list of duties to execute and leaders understand a vision is more than ignited passion. Managing your business means you have the foresight to predict and the wherewithal to tackle issues and resolve conflicts. The health of your business and the reputation of you as a businessperson are dependent on it.
As business owners the emotional connection to our businesses has a tendency to run deep. Use that connection as a litmus test to make fair decisions. Not feel-good decisions, but the best decisions!