3 Great Reasons why what worked for you Before isn’t working Now (Pt. 2)

 

rapid rise and descent of a business strategy

Your strategy was working great, then it stopped? Here’s three reasons why it may have stopped working.

It was Working.

Now it’s not working.

Why?

It’s hard to continually grow success. With rare exceptions, the line to the top of the success platform is more often a series of “one step forward, two steps back, a side step, a loop de loop,” and then, finally, “up we go”. One of the most difficult things to come to terms with in both business and personal life is when something that had worked so well for you previously is now not only not working, but may actually be working against you.

So why isn’t it working?

(Go Here if you missed Reason #1, “The ground under your feet changed”)

Reason# 2.  You mistook a one-hit wonder for permanent success.

Pet Rock? Business theory flavor of the month? You had a great run but suddenly its not working,  and now you’re stuck.  Hopefully if you intentionally produced a gimmicky app, product or snack food you knew it was going to be short lived and planned accordingly. But sometimes, you and your product are the beneficiary of lucky circumstances, timing or a specific moment in the market, which can create a false sense of a more permanent success.

Think of a musical group that has their song picked for the soundtrack of a hit movie. The song skyrockets to the top of the charts. Now it’s time for a follow up. Maybe it’s a winner, maybe they were the beneficiary of a moment in time. There will be a big difference in their future between living on the residuals of one mega hit vs owning the Rolling Stones catalog.

Notice I didn’t say that the musical group was any more or less talented or hardworking than any other musical group. Hard work and talent count but there are a lot of hard working and talented people out there and they’re not all giant successes.

In the business world, the markers of what made a particular set of circumstances unique often aren’t known until hindsight kicks in.  Years ago I worked in the non-profit arena where many large grants and funds were available due to a specific set of circumstances in the market (bank mergers coupled with mirroring a favored business theory of the then current government administration). The trend continued for nearly 5 years. If you began or started a non-profit in that space during that time, it was easy to raise funds and gain support, giving you a sense of success and a feeling that you “knew how things worked.” Except that was a moment in time, not replicated at any point for the next 11 years.

Were you attached to a popular business theory that “ran its course?” In the past few years we’ve had “The Secret”,”Get Rich Quick” schemes,  and a host of other short term mega hits. If your work is closely attached to a theory that is now discredited or fallen out of favor, even if your work is sound, you will need to repackage it and rebuild success based on a new foundation.

You may have even been the cute new “upstart” in a business sector, and now you’re the “middle-aged” stalled out player, not venerable enough to be one of the “big boys” you ran circles around when you started, and not youthful enough to be as nimble as new market entrants. Many of the “dot-com” wonders of the early 2000’s are facing this dilemma now. Your growth rate no longer thrills Wall Street, because it’s hard to match the early years of phenomenal growth, and the “new market” players may have more immediate upside potential. And the old boys either went under or figured out how to address the threat you made to their market share all those years ago. You’re in the middle, and need to regroup.

Our next article: Reason #3 “You’re wearing the wrong clothes”

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© Jeanne Goldie 2015