By Tom Panaggio
Business is good, and that’s great. Yet, you can’t help but feel as nervous as a kid in the d o c t o r ’ s office. While the influx of customers is great, the change and new challenges for your business that come with them has you wringing your hands. Sure, you want to cultivate these new opportunities, but how can you do so without endangering your current client relationships?
Here’s my secret: To effectively manage growth, have the courage to embrace any worthy risk. There is no doubt that the success I experienced in my 30 years building two businesses came because my business partners and I embraced risk every day.
Think about this. Risk always travels with a very desirable companion: opportunity. Every opportunity includes risk. This is a business deluxe package, and it’s well worth the price.
Turn back the clock to the moment your business was launched. Do you realize the odds you faced when you took the leap of faith to start a new business? After all, 80 percent of all businesses fail after three years. Talk about risk! You had the courage to do it then, and in order to sustain growth, you’ll have to embrace risk once again.
Here are five ways to manage the growth of your business without losing momentum:1. Always play to win. People hate to lose. In fact, studies have shown that there is twice as much joy in NOT LOSING than there is in winning. Humans have loss aversion because of the pain we feel when we lose.
When you switch to a defensive strategy in business, you cease the forward movement. But competition and the ever-changing demands of customers require all businesses to maintain forward progress. Always play to win. When
you do, your mindset is positive and enthusiasm high.
2. Make the tough choices. Indecision is the mental paralysis in humans that prevents us from moving forward. Yet decision-making is a key component of execution, and execution is what transforms a plan into reality. When no decisions are made, nothing happens, and you don’t move forward; you stagnate and your business begins to decline.
Business owners never want to make bad decisions, so sometimes they don’t make any decision at all. The reality is what we really fear is a bad outcome, and the irrational leader wrongly assumes that avoiding a decision will avoid a bad outcome.
Start making the tough choices. Great leaders don’t fear decision-making, and in fact, thrive on the realization that it is necessary for success.
MD Abdul Hakim, founder and managing director of Unique Business System Limited (UBSL), the witness of the ICT development of the country since the year of 1993. He is an entrepreneurial spirit emerged when he was a child and launched his first business Unique Business Systems Limited in 1993 which has been ceaselessly dedicated to introduce quality new technologies in Bangladesh specially for the improvement of Education system of the country. Yes, when he thought about the projector to enhance the learning process,... Read More...