The purpose of this article is to point out what are some of the most common traits for loosing competitive edge over competitors and by doing so greatly reducing business success likelihoods. My intention is not to provide you with complex terminology but rather simple to understand behaviour characteristics that if let alone and inappropriately addressed could even destroy both your business and its reputation.
So let’s dive into this sensitive area:
Being Ignorant Vs. Being Curious
This is the early success trap that so many SMEs, entrepreneurs, business owners are struggling with. Pat Riley, the famous basketball coach, once said:
Excellence is the gradual result of always striving to do better.
I would feel free to add that being excellent in anything is a purely a mind game. Everything in life starts within your head, flows to attitude and ends with actions or inactions. Therefore, curiosity always triumphs over ignorance. When, curious, people tend to learn, apply, contribute more. By doing so they become more and produce greater impact. Put it simple, you as a leader, can’t afford ignorance. Your future depends on it!
Falling In Love With Your Own Methodology Vs. Continually Assessing Its Competitiveness
You see, we all heard the old one from time to time. “This is how we do things here”. Seldom this is followed by “Why is this so? Or, “Is this the absolutely best way of doing it?” Critical to understand here is that no matter how things are working for you in your business at the moment, there is always something that could be done better. In addition, what would marketplace say about your improvement efforts? How would you know what they think?
Being A Follower Vs. Being A Trend Setter
Today, more than ever before, organisations will struggle to differentiate themselves. Fierce competition, congested and saturated marketplace, lack of funding inability to preserve and capitalise on R&D efforts, inability to monetise on first mover attempts are just some of the main strategic questions that will need your full attention. However, being a leader in something doesn’t mean that you need to come up with the idea for a new Facebook. The truth is far from it. You need to establish a long term growth plan and stick to it . It is a journey not the event. If you do so, opportunity will present itself and you will leap your competitors and become a trend setter.
Failing To Invest in Continuous Improvement And Development Vs. Creating Resources, Future Positioning And Growing By Being Resourceful
If you are not getting better your are getting worse is another Pat Riley’s observation. And this is so true in this overly competitive environment. For your business to become better and more successful, you must become resourceful, strategic and devoted. Attitude towards development and growth is the only way to stay competitive and attractive to your prospects.
Being Tactical And Chasing Sometimes Wrong Objectives Vs Being Strategic And Visionary About Your Future Knowing What Really Matters
You must be absolutely clear with your most important objectives. When you are chasing one great lucky break that will solve all your problems your chances for success are very slim. The greatest business of modern era did not start big, however they built on strengths, leverage, scale it up and by doing so positioned themselves to exploit all technological advantages and market demands. They were clear about what is missing that if provided can and would make a difference.
Where most people are getting it wrong is accurate reality assessment. They think they reality is much better or much worse than it is and by doing so either reduce their Vision or overwhelm themselves. This leads to procrastination or delays in project delivery. You probably heard about “It is not the right time”, “If I could have this that may force me into productive state”, “ I am not good enough, but after this program I am going to…”. You must brake this pattern. Remember always that every breakthrough is actually follow up on some important break-with!