Is Your Success Killing Your Sales and Profits?
I’ve started a new series of articles that are looking at helping you to liberate your sales potential. There are two main areas of focus — on growing your sales leadership and making more profit.
In this article, I want to focus on growing your sales leadership.
I was re-reading the book ‘How the Mighty Fall’ by Jim Collins and I was drawn to an analogy that he made in relation to an invasive disease like cancer. In the early stages of this disease, it is harder to detect, but easier to cure. The contrary is true as the disease develops.
With this in mind, I want you to look at your business and ask yourself one simple question, “Have my revenues plateaued?”
If you have had a successful business that has seen dramatic revenue growth over the years, maybe this sign of revenue stabilisation might be interpreted as ‘market saturation.’
Collins, in his book analysed the five step path that previously successful businesses went through before their collapse. The first step was ‘Hubris born of success.’ He goes on to say:
“Stage 1 kicks in when people become arrogant, regarding success virtually as an entitlement, and they lose sight of the true underlying factors that created success in the first place.”
Powerful words, I think you’ll agree!
So this got me thinking… what if you could predict the turning points that lead to a failure in a company?
Hubris is a concept that dates back to ancient Greek times, and is defined as ‘excessive pride that brings down a hero.’ The antonym of arrogance is humility.
With this in mind, ask yourself the following 5 questions:
- Am I an arrogant individual? Have I taken my successes for granted and do I expect automatic success?
- Am I grateful for what I have? When was the last time you stopped what you were doing to take stock of all the things that you are grateful for (both big and small)?
- Who do I surround myself with to stay grounded? Do you have an inner circle that you can gain honest feedback from?
- What is the culture of my organisation? Are we inherently humble or increasingly arrogant?
- Are we making risky decisions that fly in the face of conflicting or negative evidence? If I was to analyse past decisions, how many of them have back-fired or not delivered?
Over the next few weeks I will explore the topics of growing your sales leadership and making more profit.
If you know of any organisation that has plateaued in their revenue streams, please feel free to forward a copy of this article to them and encourage them to sign up for my weekly newsletter.