If we focus all of our time and resources on trying to replicate this success, we actually miss out on opportunities that could help us achieve even greater success. Essentially, we become so blinded by the success of the past that we don't see the opportunities of the present that could achieve even better success in the future.
There’s a problem that I’ve been having lately. Now that more people are being vaccinated, and the state has opened back up we’ve gone back to in-person events. So I started promoting my event by doing the same marketing activities that I did prior to the pandemic. These activities had brought me great results when I did them pre-covid and had filled the room. But now, these same techniques are not bringing in the same results as I had hoped.
Can you relate to this experience? Sometimes when we see such great success, we try to replicate it hoping to see the same success, but that doesn’t always work out.
There’s a saying in the investment industry that says “past performance is no guide to future success.” I think it can apply to most industries though. Essentially, what it’s saying is that past performance can be misleading if you only look at the results, but don't consider the risks.
How we can apply this to our businesses is this. Just because something was successful before, doesn’t mean it’s worth the risk to take again. Especially when you consider outside factors such as the state of the economy, new trends, changes in target customer needs, more products in the market.
You may not be able to repeat successes, but you can have continued success in your business by doing these four things.
We must pay attention to the needs and wants of our customers because these can always be changing. As the market grows and becomes more competitive, we will have to find new ways to reach them with our products.
Recognizing changes in their habits can be valuable in determining where we can most likely reach them. For example, the use of mobile for browsing has risen significantly over the past few years so is your target audience using desktop or mobile more?
Values can also be something that has changed over time. For example, research shows that adults today are starting families later than the generations before them and their views and values are changing compared to older generations;.
This is where the problem of relying on past success is most damning. If we spend too much time looking at the past, we are blinded by the opportunities of the present.
Stay vigilant and ensure you are staying up to date with business trends. Read, investigate, surround yourself with the right people and continually educate yourself so that you can make the most of any opportunities that come your way.
A great way to bring your attention to new opportunities is networking. Expand your support circle to include friends who have their ear to the ground. Also add people who will encourage and inspire you so that you can expand your view of your business and yourself. These people will serve as a great accountability for when you do pursue these new opportunities.
In business, accurate data is critical to growth and smooth operations. If you don’t know the right numbers, you can’t effectively set up strategies or action plans to make improvements. Since business changes so quickly, it’s imperative that you keep track of the data so you can adapt, pivot as quickly.
Once you know the important numbers for your business, you can build dashboards to track and monitor them. When you are the master of facts and data within your business, you are more equipped with evidence to build new strategies and measure your success and make your own headlines.
Pursuing the vision of the company is a long-term plan. Short-term gains don’t indicate long-term success. Every strategy, every action plan must build on what we want for the future of the company. Losing money in the short-term is ok if it leads to long-term gains. This goes back to the quote above in that even though there is a risk, the key to making the right decision is by looking at a long-term picture of that option.
There is another saying by Babe Ruth that says, ”the home runs of yesterday don't win today's games.” What this teaches us is that even though we may have achieved significant wins in our business, we can’t rely on the wins from the past to define your success in the present. Instead, what we need is a solid and reliable team, a grand plan, and a great coach. We offer 2-hour, complimentary coaching sessions that take a deep dive into your business. If you’re ready to find your next win, work with a business coach who can help you strategize your next play.
I am a certified Business Coach, providing business help, business advice, business coaching and mentoring services to successful and emerging business owners. I have a passion for helping businesses like yours grow and become profitable, so you, the business owner can enjoy the lifestyle you deserve.
As your Business Coach and advisor, I will help you deliver the results you desire using proven tools, methodologies and systems, tested and perfected over tens of thousands of businesses worldwide for over more than two decades. I will hold you accountable for your results and just like a sports coach, push you to perform at optimal levels. Let's schedule a complimentary Business Coaching session to get started.