Failure to change or adapt
If you’re not working at the right level, then you’re focused on the wrong things. Without a finger on the pulse business will move on without you. Remember, people always vote with their feet so whilst business might be good now. It won’t always be that way if you’re not staying on top of trends, technology and market forces.
As we’ve seen, small businesses can be the most agile in adapting to change and adopting trends, however many get stuck in their ways (this is how we’ve always done things) or don’t notice trends and changes because they are too busy in the day to day. You need to create the space to stay on top of your customer experience, feedback and market forces. This is another reason you need to be working at a higher level in your business.
Access to global markets has shifted the status quo – we have access to new markets but we are also no longer competing against people in our region or country but also internationally. Outsourcing is not a new phenomenon yet it seems to be ignored or overlooked.