As many businesses look to overcome disruption from COVID-19, leaders need to understand the problem with past success. While yesterday’s achievements are valuable, are they keeping you from making important decisions and facing harsh realities?
Now more than ever, it’s important to have a fresh perspective on your position in the marketplace and how you’ll react to challenges out of your control. Sometimes, the glass that’s half full will be empty before it’s full again.
Consider these questions to help you with this important review process:
Do You Tell Your Big Fish Story Too Much?
A lot of businesses can point to a big sale or customer acquisition that paved the way for past success. It’s become your big fish story that you tell people. It’s an important moment in time that fills you with pride.
Over time, as some fishermen are known to do, the size of the “fish” in your story has increased. And maybe you find yourself telling the story, as a way to avoid dealing with new challenges, like falling sales or a customer base that no longer thinks you’re better than the competition.
While it’s good to honor past achievements, you can’t let them define your future. Resist the urge to tell your big fish story, when facing challenges in the present or the future. Instead, start creating your next story.
Has Past Success Kept You From Innovating?
Success can make you feel confident and comfortable. You may wonder, if you have a winning formula, then why change?
In a lot of cases, you’ll be fine. But history is full of successful businesses that did not survive market disruption.
Blockbuster mastered the video rental game but could not keep up with competition from streaming and kiosk based providers.
Enjoy your successes but keep an eye on the future. Have the members of your team consider “what if” scenarios. Be bold with your imagination, as it may define your tomorrow.
A lot of businesses believe that yesterday’s good times will last forever and neglect planning the future. When times are uncertain, spend more of it thinking about what you should do next.
Was Luck a Factor in Past Success?
It’s humbling but necessary to consider whether your past success had nothing to do with you. It may have been propelled by luck, a family connection, or some positive factor that was out of your control.
In business, you’re going to have lucky and unlucky days. Accept both but don’t believe that a past lucky streak will continue. As the Las Vegas gambler knows, luck can change.
If you had to start over again, with your business experience but not the advantage you enjoyed, what would you do? This exercise may provide a lifeline, when outside conditions are threatening the future of your business.
Effective leaders understand a hunger for success can help move an organization in a new direction. Sometimes you need to make your own luck.
Ken Okel Performs Virtual Keynotes Too
