The dirty little secret of success is that success usually produces a whole new set of problems. If you run a business, you need to be ready for the challenges that will come from accomplishing your big goals.
If you don’t believe that success could ever have a negative outcome, consider these facts:
Professional athletes spend years practicing and preparing for their careers. Their success comes with mind boggling paydays. But Sports Illustrated investigated and found that 78 percent of NFL players face bankruptcy or serious financial stress within just two years of leaving the game and 60 percent of NBA players face the same dire results in five years.
Sometimes success is unexpected, like in the case of lottery winners. Financial planners Michael Begin and Darl LePage studied those who hit the jackpot and learned that 70 percent of all lottery winners will squander away their winnings in a few years.
What about companies, you ask? How many times have you heard of a business that became franchised but the expansion process diluted the product to the point that it was shadow of its former self?
The key to all these situations is understanding that success will challenge you in ways you never thought possible. And no one expected it to happen to them. That’s where I want to help you today. To Clear the Path of these success pitfalls, consider these steps:
You Have to Stay Hungry
You need to find a way to channel the drive that took you to the top of your profession. Don’t take your good fortune for granted.
Understand that while you were once a hunter, you’re now likely the hunted. Consider if you were a competitor, how would you try to chip away at your company’s success? With that answer, address your firm’s weaknesses.
Get Outside Perspectives
Be open to getting advice and feedback from people outside your company. A fresh perspective can alert you to a changing marketplace.
Simply performing the same strategy may not work for long.
Remember What Got You There
Very often, the former athlete, who led an extremely dedicated and disciplined life, leaves those traits once his playing career is over. The successful salesman, who once met with 10 clients a day, feels he only needs to talk to two. Or the restaurant owner believes that family recipes can be easily duplicated in other locations, even though there’s no way to control quality.
Why shouldn’t you expected your past success to be an indicator of future prosperity? That’s the trap.
Think back to the time when you had one goal in mind and you would not stop until you achieved it. Should you let go of that determination because you became successful?
Retool as Needed
If your company doubles in size overnight, do you need to double your workforce? Make sure decisions like these are supported by facts and not hunches.
At the same time, don’t be afraid to add staff when you need help. How do you know? Think about whether demands on your time are keeping you from doing what you do best. Hire people to free up your “success time.”
