As a small business owner it seems like every day is a struggle to survive and that financial success is always in the distant future. But what do you do when that day finally comes – your business truly is successful? There are dangerous situations that can derail any business – no matter the size – and knowing what to watch out for can keep you from becoming their victim.
Glamorous Glut
The best way to celebrate your newfound success is to treat yourself to something special. You’ve worked hard to get here and you deserve to do that, but don’t get carried away. Don’t let one splurge turn into three or four, and definitely don’t let it turn into a new lifestyle.
Until you’re rolling in a room full of cash like Scrooge McDuck you should stay humble and keep your eye on the true prize: sustained success.
Misplaced Drive
If someone were to ask you what helped your business survive in the early days, the answer would most likely be you. It would be the undeniable drive you had to get your business up and running. You probably spent late nights and numerous weekends doing the work of 10 average men because this was your calling.
Now that all of your hard work has paid off and your business can now be considered a success, you can’t let that drive disappear. Decide what the next challenge is that you must conquer and harness that same determination to help your business continue on the successful track.
Operations Derailment
They say when you start a business doing something you love you’ll never get to do it again. This can be true of any successful company. Maybe you were the one designing kitchens for clients or helping homeowners decide what was and was not possible during a remodel, but now that your business is picking up, you’re stuck in the office crunching numbers and filing paperwork.
Don’t let your operational management duties get in the way. Try to take time every day to interact with customers and actually do the things you initially loved about your business. Let your loyal customers know how special they are by making a point to see them whenever possible.
False Sense of Security
Don’t let success lull you into a state of complacency. Just because things have been going well and the company has reached a new level doesn’t mean it will continue that way. It’s the buildup of past hard work that has led to where you are today. Don’t allow yourself to think that you can let off the gas and the company will keep climbing.
Success can be measured in steps and as you reach your goals take time to celebrate responsibly, but know that there are more steps to go. By remaining focused you can take your business to heights you never thought possible.
