For some people, the idea of ‘work’ and ‘pleasure’ are totally opposed. This perception can lead many business owners to primarily focus on monetary reward to ensure hard work and loyalty from their employees. Whilst, this undoubtably motivates some in the short term, it is the business owners who also inspire and emotionally connect with …
A few years ago I scaled (OK I walked up) Snowdon in Wales. There was a group of twelve of us who set out bright and early to scale the heights. When we first came up with the idea, in the comfort of our homes, it seemed so easy. Before the day everyone intended to …
One of the biggest challenges facing modern businesses of all sizes is how to take the business to the next level of success and profit without the cost structure getting out of control. One of the biggest costs on most businesses Profit and Loss Statement is salaries and wages, or in simpler terms, people. As …
In today’s competitive market, the ability of businesses to sell effectively often determines the successful growth of a business. If a business is generating large quantities of great leads, but cannot convert these into sales, that business will struggle. So before we start looking at the key factors that make people buy, let’s firstly get …
Rightly proud of their success they feel that they have seen it all and can rely on their experience to successfully face the future.
Typical responses from SME owners are:
“We have been really successful to date, so we must be doing things right”
“I’ve got 25 years’ experience, so I know what I’m doing.”
Reliance on experience can create a dangerous Business Comfort Zone (BCZ) which blinds the owner to possible dangers as well as opportunities. The BCZ creates a ‘wait and see’ approach leading to reactive knee-jerk responses rather than a proactive, considered approach to face these new events.
How, when and what the owner’s strategic response is, will have a significant impact on the future of all the business’s stakeholders.
I met with a business owner last week who has tried unsuccessfully for some years to break through a turnover figure which he has been desperate to achieve for many years. He has got very close in the last few years, without making that final break through which would bring him the level of success he was looking for.
Language is wonderful! It continually adapts to change, to environmental influences but at the same time builds on its rich past, it’s heritage.
The same cannot always be said for business. As a business coach I often see two opposite ends of the spectrum when it comes to business owners adapting to changing circumstances.