Does running your business feel like this: You are constantly running around, feeling like you’re chasing your own tail?
Suppliers need to be paid, employees have constant questions, customers want to deal directly with you rather than your employees, and there is never enough time to do all the admin that is piling up, let alone plan or strategize!
At some point, all businesses reach a plateau in their growth because of this. Those who break the cycle do the heavy lifting with suppliers and customers, leaving managers free to develop and implement growth strategies. Getting started can be as simple as having a delivery and distribution system in place.
It is not uncommon, for example, for companies to continue providing products and services to customers well beyond their strategic or profitable life.
There can be an attachment to such services, especially.
Changing technology may signal the need for auto-cannibalism in business. The adoption of cloud accounting software has transformed accounting practices. Those firms that embrace the change, consuming their accounting departments and repurposing them to offer new services such as business information, are the ones that are succeeding.
In conclusion, your company may be failing to thrive or move to the next level of growth because you are eating your own tail, or because there are parts of the company you should be cannibalizing that you are not, or there are parts of the company trapping you in the present that you need to bite off to move into the future.Read More