You love watching television shows where big names in the industry revolutionize struggling businesses. But you have to wonder: How did these businesses ignore obvious problems, poor management, and outdated sales tactics for so long?
The ugly truth is that your target market could be thinking the same thing about your business. Here’s how to identify and address your business blind spots.
You’ve worked hard to bring your business to where it is today. You’ve built up a loyal client base, and you turn a profit most quarters. Your employees know what your expectations are, and most of the time, they meet them. Your products or services are in line with the needs of your market, and you know who your competitors are.
At least, that’s the story you tell yourself at the end of every workday.
The reality is quite different. But admitting it to yourself, even recognizing that you’ve become complacent when it comes to your business is another thing entirely. That’s the hard truth that it’s time to face.
You can’t keep going on autopilot forever, things change continually – in the economy, your markets, your customer’s needs, everything – and it is all changing at a faster pace than ever. Ask yourself: What if there is an unexpected downturn just around the corner, and you’re coasting at barely average performance metrics?
And even if you think things are going great, you probably have some serious business blind spots, blinds spots that are obvious to your employees, your customers, and to pretty much everyone except yourself.
Now is the time to fix things. Here’s how to make it happen.
A Quick Primer on Unconscious Avoidance and Avoidance Coping
Before we can get into how to overcome your business blind spots, let’s take a quick crash course in why they exist in the first place. You brain seeks control and if you get negative information, especially if you don’t know how to resolve it, you unconsciously ignore it.
Worse, evolution has created your brain to ignore the familiar (that is, something that is well known) and look for the unfamiliar that might represent an opportunity for food or sex, or be identified as a potential predator.
Either way, you don’t see reality, you create your own altered view of it.
Perhaps you’ve heard of the concept of “avoidance coping.”
In a nutshell, avoidance coping is what you do – or don’t do – in order to stop yourself from confronting a problem. In simpler terms, it’s lying to yourself. Inventing pointless tasks, scheduling random meetings, or coming up with business concepts you try to convince yourself are somehow “more important” than dealing with the biggest problems at your company are all versions of avoidance coping.
Of course, since you’re not addressing the underlying core cause of the problem directly, you’re really not “coping” with it at all.
[quotes]All you’re doing is compounding both the problem and your anxiety about the problem. [/quotes] You’re procrastinating instead of actively trying to find a solution.
As with anything in life, ignoring a business blind spot or issue doesn’t make it go away. Don’t be too hard on yourself, however – even the best business owners have been guilty of doing it.
[sidebar]We find that business owners are generally much more aware of the problems at their company than they’d like to admit. [/sidebar] They don’t want to deal with these problems because they don’t have a clear solution. This lack of knowledge of “how to handle things” or “what to do next” can make them feel inadequate.
It’s time to stop the cycle and take back control.
Why Innovation Matters
Many once-incredible companies have met their demise because they failed to innovate.
For example, consider Blockbuster. For years, the company reigned supreme in the world of video rentals. They got comfortable, and because things were working out, they didn’t see the need to adapt to what turned out to be a rapidly-changing market.
In the meantime, Netflix was coming up with ways to offer more convenient video rentals for a set price. [sidebar]Blockbuster didn’t adapt and failed to identify the threat. [/sidebar]So, Netflix kept growing. They invented online streaming services. They created algorithms to recommend movies. They developed their own programming.
Currently, Netflix is worth over $150 billion. Blockbuster is out of business.
So, what’s the lesson here?
Flying too close to the sun, failing to properly identify competitors, and even ignoring the changes in market expectations can cost you. Just because you’re stagnant, doesn’t mean your competitors aren’t innovating and adapting. In fact, they’re probably working to exploit your blind spots and fill in the gaps you’ve left wide open.
How to Identify Your Business Blind Spot
We don’t tell you all of this to scare you. Instead, the above example should show you just how easy it would have been for Blockbuster to make a few simple changes to stay on top of the market and neutralize the threat of Netflix.
[sidebar]They were not dumb people, they simply didn’t see or want to admit what the trends were telling them. [/sidebar] Hence, they did not reinvent Blockbuster in a way that would keep the company relevant and growing.
You can do the same for your company. You and your business are more resilient than you might think.
Ask yourself some basic questions
First, when was the last time you implemented an employee training program – and how do you know that it was in any way helpful?
Currently, only about 25 percent of employee training is considered effective. What’s even worse? Only 12 percent of employees say they use anything that they “learned” in these programs in their work life.
This usually happens because companies take a “one-size-fits-all” approach to employee training and look for one- or two-day seminars to address deficiencies. Changing beliefs and perceptions takes time and ongoing reinforcement. If you want quick fixes, get a magic wand…if you can find one.
Moreover, a problem typically has many roots, it’s not just one thing. You typically only see the toadstool on the top of the ground, not the whole thing. That’s why “motivational” programs that wax poetic and toss out buzzwords like “productivity” and “disruption” are far too shallow, short-lived, and general to be truly helpful.
Next, what was the last book, newspaper article, or even blog post you read about entrepreneurship, management tactics, or your industry as a whole? If you can’t remember, that’s why you’re floundering.
Are you still marketing to the same people you were 10 years ago? Still using the same sales tactics? The same software? When was the last time you did an in-depth review of your competition and their solutions?
Maybe even your logo and your office space are unchanged from your opening day. You might even think that smartphones, digital marketing, social media, and other tech trends aren’t truly relevant to your business.
Blind spots happen because you’re operating under the delusion that the business environment and everything that goes with it hasn’t changed. In order to properly plan for your company’s future, you need to accept, study, and adapt to today’s reality – not the one you are comfortable with. It’s scary, but necessary, unless you want to emulate Blockbuster or Sears.
There is a better way
If you’re ready to face reality, it doesn’t mean you have to do it alone (or even that you should.)
When you need to deal with the uncomfortable, complex and vexing, you deserve personal attention. We want to make sure you get the deep understanding of your situation and the customized help your business deserves. It’s not too late to revitalize your business, start making progress toward your goals and personal plans and rekindle your love of going to work again.
We’ll help you reinvent and reinvigorate your strategic direction, as well as modernize your planning and management, and assure selection of the right people for the right jobs. In the end you’ll create an innovative company with real bench strength that’s ready to tackle any challenge.
Reach out to us today to learn more about how we can help you to identify and overcome your business blind spots. USA: 877.433.6225 feedback@focalpointcoaching.com
