05 Jul

“Since when is ‘good enough’ ever really good enough?!”

I have spoken to many business people over the last several months as I have started my business. I am blessed to have many friends and acquaintances who are business executives or even business owners. And when talking about our work, I routinely ask, “So, how’s business?” Most people say business is good. But very few have given deep, strategic thought when asked what they need to do to improve their business. Typically, they repeat, “Hey, business is good.”

I fear that many business people have fallen into the trap that their business, at this point in time, is ‘good enough’. And when I have a sense that a business owner is complacent, out of habit now I am forced to ask, “Since when is ‘good enough’, ever really good enough?” We all know the answer to this question is NEVER (or rarely ever). As business people, we can never settle for less than we deserve or settle for less than great results.

So why are so many of us content with ‘good enough’? There are several reasons based on either anecdotal evidence or research:

1. Businesses who choose to remain ‘as-is’ are being outworked by 85% of their competitors. Research shows that very few companies believe that the status quo is acceptable. Most organizations annually ‘refine’ their strategy, while some more ‘redefine’ their strategy and very few ‘transform’ their strategy. If business people knew that 85% of their competitors were doing more for their clients that they were, they certainly would not accept ‘good enough’.

2. Owners don’t realize the power of of making incremental changes. One percent changes in sales or COGS can yield very exciting multiples in profits while improving cash flow, based on net income percentages. Small changes over time with consistent regularity are the key to improvement.

3. Business leaders don’t fully understand the consequences of risk. By ignoring risks associated with changing markets, new competitors, evolving customer needs/wants, a less than engaged workforce and unreliable suppliers, owners are putting their entire companies at risk for failure…and potentially their financial future at risk, as well.

An experienced, well-trained business coach can affordably help diagnose problem areas and offer ways of getting an organization past ‘good enough’ and into the land of ‘better than the rest’.