So, Things Are Going Well for Your Business? Avoid the Icarus Syndrome
When things are going well for your business, it’s easy for overconfidence and even arrogance to start setting in. This will end up having a detrimental effect on your business in the long-term, and that’s why it’s something that should definitely be avoided if you can help it. Staying level-headed and focused on the tasks at hand will always be very important in the world of business.
Your business will only experience more and more problems if you fail to take this issue seriously. It’s not worth letting things slide just because you allow your overconfidence to get the better of you. In the end, it will make you and everyone associated with your business look very stupid, and I’m sure that’s not what you want at all. It’s known as the Icarus syndrome because the Icarus tale tells of a boy who learned to fly, but got too confident and flew too close to the sun. To avoid the same happening to your business, take these steps.
Don’t Forget the Business’s Origins
One of the best ways to not get too overconfident or arrogant is to focus on where your business came from. Every business starts small, and you need to remember that it could shrink back to that size in the future if you’re not careful. You can’t just assume that you’re going to be successful forever. And by keeping in mind your business’s origins, you will be more wary of letting yourself become complacent about where your business goes next. Just as businesses can find success and grow, they can also fall on hard times and tumble.
Never Take a Customer for Granted
Once you start taking your customers for granted, your business is in trouble. You will never get far if your customers don’t feel like they are being appreciated properly. Don’t allow yourself to fall into that kind of trap because it can be pretty hard to get out of. Every single customer that buys from your business is an individual, and it’s vital to remember that. If you keep that in mind, you should be able to keep treating your customers right and never taking them for granted. They’re not faceless numbers on a spreadsheet; they’re people that have to be won over repeatedly and appreciated.
Treat Your Employees Right
Your employees are the most important asset your business has. If they don’t do great work, your business won’t be great either. So, when your business starts to do well, you need to make sure that everyone shares in the rewards. This makes them feel like a part of the business rather than just another cog in the machine. Pass on pay rises when your profits rise. In the end, this will work out well for everyone because your employees will be more motivated to work hard. Ellis Whittam provides legal support for employment law issues. This might also be important when it comes to hiring and firing in the right way.
Slow Down a Little
Slowing down a bit is really important when your business is constantly moving forward. It can be tricky to take stock of what’s going on around you when you don’t slow down and smell the roses. Motoring forward at an extraordinary rate is not always a good thing. Slow and steady often wins the race. And if your business goes too fast and burns too brightly, it all might start to fall apart and go wrong too soon. What I’m talking about here all comes down to the issue of sustainability. If your business doesn’t grow in a sustainable way, that growth will be weak and potentially hollow.
Understand That Confidence Has Its Particular Place
It might sound like I’m telling you to worry more and stop being so confident. That’s not exactly true, though. You just need to be aware that confidence has its place. There is nothing wrong with being confident if you are acting that way in the right context and at the right time. If you come across as brash and arrogant, customers won’t like that one bit. And overconfidence has a way of catching up with businesses and making their owners and managers look a bit silly. That’s what you should want to avoid.
Keep Learning New Things
You should never want to stop learning new things as an entrepreneur. Your business is never going to be perfect. And overconfidence can make people think that their company is infallible and can never be beaten. That’s simply not true, though. If you allow things to stagnate and you stop worrying about learning new things, those gaps in your knowledge will start to be exploited by the competition. That’s why you always need to be on the lookout for new ideas that you can take advantage of in order to improve your company.
Mix Things Up Constantly
Mixing things up is really important if you want to stay on top form as long as possible. It’s tempting to keep things how they are when you’ve found a winning formula. That makes sense, right? Well, actually, it doesn’t. When you get too comfortable with your current formula, your ambitions can drop and you start to rely on it too heavily. Sooner or later, that formula will stop working for your company, and you’ll be forced to look for an alternative way forward. It’s much better to mix things up on your own terms rather than being forced into it as things fall apart.
Stop Celebrating Short-Term Successes
Finally, you need to stop celebrating those successes that are solely short-term. The short-term is never as important as the long-term when we’re talking about the world of business. What’s happening now is not nearly as important as the overall direction in which your business is going. If you want to make sure that your company sticks around for many years yet, you need to have a long-term plan that sees constant progress and development. That’s the only positive and sustainable way forward.
Maria Fonseca is the Editor and Infographic Artist for IntelligentHQ. She is also a thought leader writing about social innovation, sharing economy, social business, and the commons. Aside her work for IntelligentHQ, Maria Fonseca is a visual artist and filmmaker that has exhibited widely in international events such as Manifesta 5, Sao Paulo Biennial, Photo Espana, Moderna Museet in Stockholm, Joshibi University and many others. She concluded her PhD on essayistic filmmaking , taken at University of Westminster in London and is preparing her post doc that will explore the links between creativity and the sharing economy.