Everyone talks about the first year of a new company or new SMEs. It is common knowledge that 90% of new businesses fail.
“If you can spend the first year are on the other side.” Say there.
What they do not tell you is that once you are “the other side” there is imminent danger of stagnation.
If you manage a minimum customer base, a good team and healthy finances you can navigate in a comfortable midpoint (face it: mediocre) for a few or many years until external circumstances do your SME gone unnoticed for history.
If your SME is stable and it is ideal to make tough questions that take you in a bubble of comfort and time will tell if it is:
- Your SME is ready for a sudden change external
- SMEs exists within your agent enough to keep improving and growing continuously change.
5 quick questions for self-criticism are:
1) Does your SME is the best at something?
If there is something your company does or offers better than anyone put a checkmark. If you turn around and you’re more or less like the rest of your worry market.
2) Your customers do they dread the idea that disappears?
Of course, your customers can survive without you, but if the thought of losing them as a supplier is extremely uncomfortable are in a good position to change: your customers will not want to miss whatever the external change. If your answer is “No” it is time to take some action. Work on your value added. If your answer is “No” put up some action to find out what is essential and ideally you with the service you provide them.
Another way of asking this question is: If my SME disappears who would miss tomorrow? Or does it mean for my customers to switch providers?
3) Are you squeezing the maximum potential of your team?
Your team can be good, even remarkable in the implementation of your product or service but … Innovate? Invent? Are you in a state of constant challenge and improvement?
4) Are you learning at the same speed as the world changes?
An SME is born as a frequently innovative sleep. Are you still learning or performance has transformed you a poet or philosopher in a machine?
A practical and quick way to assess this is to check the curricula of universities for careers that are related to your line of business. Do all topics you are familiar? Are you up to date on the competence you?
5) Are you committed to change?
Basically: All SMEs must have (at least) a director or partner who creates and constantly worry about the change. Of course without sacrificing performance, but remember to do it today, change is tomorrow.