We met with a client this morning who has endured many trials and tribulations in their business and have persevered through them all only to find themselves in a situation where they think they need money to grow.
Sound familiar to anyone?
They have led their industry at one time with a superior product and exceptional service. What happened to them is a far too familiar scenario for many companies. They ran out of steam and more importantly ran out of money. They stopped moving and adjusting to the ebb and flow of business and the economy. They allowed their competitors to get an edge on them and the circumstances that followed caused debt and a non-existent pipeline of business. Now they find themselves in a situation where only one company comprises 50% of their business and many of their past customers have moved their loyalty to other vendors. They face an uphill battle but luckily, they are prepared to fight and take direction.
The old adage, “don’t let this happen to you applies”. I once read a great quote from the famous motivational sales trainer Zig Zigglar. He said that at one time his greatest form of exercise was to fill the bathtub, climb in, pull the plug and fight the current. Clearly a ridiculous exercise and certainly one that is grossly ineffective. I would submit that many business owners today are simply fighting the current rather than navigating the rocks.
The current Covid-19 pandemic is a great example of how people either succeed or fail. I have read countless stories about companies that have seen a need and filled that need rather that continue to try and conduct business as usual. Adjusting to the business climate and the economy is something that a company needs to be prepared for but more importantly, be ready to act and change. Keeping your eyes on what’s going on in your industry and even industries that you interact with on a regular basis is crucial for the success of your company.
In the wild the term survival of the fittest is ubiquitous. It is clear and obvious when you look at the natural world around us. Plants and animals adapt to their surroundings or they perish. They find ways to fend off predators or camouflage themselves as to not be seen. The essential and overriding thought is to survive, period. There is no difference in business. In the 1986 movie Heartbreak Ridge, Clint Eastwood as Gunny Highway says, “You’re Marines now. You adapt. You overcome. You improvise.
Let’s take some creative liberty here and rephrase that statement for business owners. “You own a business. You pay attention. You take action. You adjust. You succeed.
Personally speaking, my company started as a sign company and has morphed into a highly successful digital marketing and consulting firm. That didn’t happen surreptitiously or by chance, it happened through a diligent focus on supply and demand and filling that demand. It happened by paying attention to the needs of my customer base and giving them what they needed thereby allowing my company to grow and become malleable, flexible and progressive. Although I can’t stand the word progressive in a political context, I do believe that a progressive company is one that will stand the test of time, succeed and gain strength.
That strength is solely dependent on your ability to be a proactive business owner and by building a strong foundation one block at a time. It means a painstaking placement of the correct block and a block that, if necessary, can be replaced by a different block. Of course I am being metaphorical here and each block could represent a miscellaneous business practice such as a marketing strategy, a key personnel hire, a location change, a new compensation plan or any one of a myriad of steps that need to be taken to adjust and grow.
Change is eminent and the growth of your business is predicated on your ability, as the owner and leader of your company, to be watchful and to adapt. How will you be defined? How will your company grow? Will it remain stagnant?
“You own a business. You pay attention. You take action. You adjust. You succeed!