I met with a management team this week and asked, ”Would you go into your business today if you were just starting up?” They laughed and said “Oh, no way.”
Okay, so I have my work cut out for me. And, so do they.
Let’s say you founded your business 15 years ago and you have done pretty well. At that time, you identified a need that you could turn into a business and developed people, and processes to be successful. It was hard work. Many times you had to choose between sleep and work, investing in the business or getting a new car, playing with your kids or finishing a project. No one is successful without sacrifice. So, when you finally could buy that new car, you rewarded yourself with a really nice one.
Now the profitability of your niche is declining or you are no longer way ahead of your competitors. This change is scary and intimidating. And you worry that if you don’t figure out how to compete in the new market, someone else will-or already has. You wonder, what will happen to you?
2 weeks ago, I talked about business models that are using new technologies or cultural changes to leapfrog current businesses. I’m finding that many executives who are not seeing that kind of competitor are too casual about the risk. They are not awake to the changes in their market.
As a coach, my job is to hold up the mirror and get you to look at it. Then, to start talking about the strategy to respond, the resources required to implement the changes and who will be responsible for what. You really don’t have a choice, so when you are done grieving, yelling, crying and staring at the wall, please get started. You don’t have a minute to lose.