Complacency In Business: Don’t Fall Victim

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“Complacency can be the single most dangerous threat to any business.” https://amex.co/2Sc5Zow  

There is no room for complacency in business so don’t fall victim to this. Once you reach a certain level in business, it’s not a given that things will remain fixed. Remember it’s a marketplace with competitors and external threats.

Every industry is competitive and competition clutches onto the wins almost as quickly as they appear. It’s happened to me, it has probably happened to you and it will happen again. This is the nature of business and it’s exactly why feeling complacent during a time of consistency and success is so dangerous.

When I am speaking with businesses, I have had many conversations with owners who say, “We’re doing well, we don’t need to market, we’re literally turning people away.” and then I say, “But what happens when the market shifts or when your competition smells your success and swoops in on that?”

“Success is a lousy teacher. It seduces smart people into thinking they can’t lose”, said Bill Gates.

Those at the front of accomplishment remain successful because they continuously set goals, undertake new challenges and always have an objective to innovate. They won’t let complacency kill, they will be thinking ahead by investing time and money into improvements to ensure they stay at the forefront of the game.

If your company has found a way to meet its objectives and find growth in a competitive market, well done you! Celebrate your success but be aware that you can probably put money on the fact that your competitors have taken note and that they will be actively trying to figure out what you’re doing, with the aim to do it bigger and better.

What Happens When Complacency Sets In?

Complacency in business can carry a heavy cost and when it sets in opportunities are missed, quality drops and a business’s performance can suffer. We have all fallen victim to complacency; take driving legend Richard Petty as an example. He triumphed in the Daytona 500 seven times and was the champion of his time, however in the late 1970s, his career deteriorated due to his decision not to move with his competitors and introduce more refined engineering to his cars.

The lesson here? Fighting change and complacency can defeat any person or business, no matter how brilliant you are.

So how do you remain competitive and fresh?

Here’s a few tips for you:

  • Successful or not, if you aren’t producing fresh, new content for the internet you will quickly remain non-existent
  • Spend time looking where the market is going
  • Listen to new ideas, speak to those you employ, bring in an agency to produce some of your work
  • Stay consistent with your goal setting
  • Remember: You can always do better: Look at yourself and what you are doing, what can you do better?
  • Challenge your team
  • Create a new achievable plan
  • Invest time and money to improve your skills
  • Use Facebook advertising and social media to target who you want to reach

“Times change, tastes change, technology changes. People change. And aren’t we all dependent on people for our business?” http://bit.ly/2CM4yn0

Whether your business is online or off, large or small, there’s no denying the rewards that innovation will bring. It’s fine to celebrate this success and be happy with this however, when this translates into being complacent, it’s time to take stock before your stock becomes worthless.

Keep innovating and creating because when we fail to modernise and renew, we can fall stagnant very quickly.

If you are a company falling victim to complacency then our consultancy, strategy and planning services could assist you with setting out priorities and goals, thus being able to continue to develop and grow.

Elizabeth Hough, White PR and Marketing, Creative Director elizabeth@whiteprandmarketing.co.uk

Find us on Facebook: @WhitePRandMarketing

Website : https://whiteprandmarketing.co.uk