As a business owner, you know that mistakes are common. I’ve previously written about the importance of resilience in the face of errors that can cost your business dearly.
However, a more pernicious threat to our businesses can prevent us from growing our company, reaching our peak, or accomplishing our goals. This threat is subtle and complex to detect but powerful because, if unresolved, it can cost you and your stakeholders everything.
I know what you’re thinking. What is this threat? Tell me, please!!
First, let me tell you a story. About nine years ago, I operated one of my fitness locations in downtown Boston. My club was clean, convenient, and primarily well-reviewed. I had a full-time employee who I had just hired who was able to manage the entire business without me being there. I was in my glory.
About three months after I hired that employee, I started to get reports that the employee would cancel appointments at the last minute. I also started seeing my clients cancel their memberships, and when I would interview them, they told me, “The employee was just not a personality match.” I said to myself, well, it’s their loss. We have a good program, a convenient location, and the most reliable employees.
So, one day, my oldest tenured client, who had spent most of the time with all the customers, told me she was thinking of canceling. I asked her why. I mean, she only lived four doors down. She told me the schedule was too inconsistent for her and that she needed reliability.
At that moment, I asked myself, “ Have you been fooling yourself this whole time?” I started to question whether or not I had made the best choice in hiring my employee. I started monitoring the schedule and quality of the program. What I realized was that I needed to change myself.
I was so wrapped up in the genius of my perceived “great” hiring decision and my genius program that I forgot what matters in business. Consistent, good performance, customer service, and trustworthiness.
I realized that I had to pull my head out of my butt and focus again on providing the highest level, elite experience for my customers who were paying me top dollar.
More importantly, I realized that I was the problem. Why? Because in business, leadership is both the problem and the solution.
Are you not making enough money?
Are you not making suitable hires?
Can’t organize your business?
Customers complain about some facet of customer service.
Is revenue inconsistent?
Are margins too thin?
Leadership is the problem and the solution!
What have you done to mitigate these issues? Are you still operating the same way and blaming customers or employees for why you’re not succeeding?
Here’s a bucket of cold water. Your customers only buy what you told them to buy. Your customers respond in kind to how you’ve treated them in the facility. Can they be wrong? Of course, but remember, without that exchange of value, you don’t exist!
If you haven’t tried to address any of the questions above realistically, your customers will make sure you don’t last long, and your employees won’t want to get behind you.
So, what is the biggest threat to your business? It’s You!
Act accordingly.
Quote of the week
‘A good plan violently executed now is better than a perfect plan executed next week.’ – George S. Patton
Last Week's Podcast
How To Build A Business Empire With Roger Martin
