Complacency is one of the most significant growth killers of small businesses. Why then do so many business owners fall into its malicious embrace? After all, if they had been complacent to start with, one would imagine they wouldn't have started a business at all.
The truth is that even mild success can make any business owner complacent. It is easy to rest on your laurels after all your hard work finally starts to pay off. However, we're here to tell you this is the exact opposite of what you need to be doing!
Join us today as we go over the dangers of complacency and how to keep up without burning out. We'll offer some useful tips to stay competitive and use any extra time or funding in meaningful ways, rather than just sitting idle (as far too many businesses wind up doing).
How Complacency Hurts Small Businesses
A quick review of any solid guide on common small business mistakes will show you how much can quickly go sideways if you decide to just "go with the flow" rather than remain active within your business decisions.
Every business, large or small, must be proactively ready to adapt to the market. Failure to adapt puts you in league with famous failures such as Blockbuster, Kodak, and Polaroid; Not the best companies to be associated with to be sure. Instead, you need to be doing research on markets, monitoring employee performance, and keeping an Eye of Sauron upon your competition at the very least.
Any variation of ‘That’s the way we have always done it’ is THE quintessential comment of a business owner on the pathway to failure. That sentence never fails to make me cringe when I’m with a client. There's ALWAYS something that can be improved. - Ryan, Out of the Box Advisors
Worse still, many entrepreneurs have a tendency to grow complacent early, when an enterprise is only starting to become profitable. That first taste of success can often cloud a small business owner’s judgement. In truth, if you’re doing it right your business never truly ‘makes it’. Again, we can’t stress this enough, you should always be improving. Complacency at this stage is, and this is being gentle, highly volatile as it's at a point when even tiny mistakes can st