Are you a business owner in a state of denial?
Research shows that approximately 10% of companies go out of business each year, and that the main reason for this is that the leaders in the company are living in a state of denial…denial about the changing business world, about the state of the economy or completely ignoring their own blind spots while the team around them falls apart. They may eventually wake up to their failing situation, but 9 out of 10 times that wake-up call comes way too late.
In any business, there are two fundamental foundations for …the core of your business…meaning the products or services you offer, and the augmented products and services…you know…the little bells and whistles you add to your business or the shifts you make to meet the changing needs in the marketplace. So, the question is “Do your products and services look like they did 10 years ago, or are you augmenting your look, feel and features to meet the changing needs in the marketplace?”
Sigmund Freud has defined denial as the state of “knowing but not knowing. According to Dictionary.com, denial is “an unconscious defense mechanism used to reduce anxiety by denying thoughts, feelings, or facts that are consciously intolerable” Unfortunately, I see many business owners in this state of denial today…they are refusing to acknowledge that our economic situation is at risk. They are refusing to acknowledge that Generation Y is now here and is asking for both products and companies to be different. They are refusing to updrade, outsource or downsize if needed.
If you are reading this blog post, and if you believe that your business is falling in that trap of heading down a dark path, because you are denying the impending danger, I have 3 suggestions for you today:
1) Write down what you believe you are denying about your business
2) Ask for support from someone who is an objective third eye…someone who can look at your business and give you honest feedback about why it may be failing
3) Hire an adviser, coach or mentor…someone who can help you get your business moving in the direction it needs to go to not just survive but thrive in the years to come.
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