5 ways to maximise successes and minimise risk

Surely success in our businesses is what we all want? Of course it is! But is there ever a downside to these successes? What are these downsides? How can they be avoided? How can we minimise risk?

There are many reasons we might celebrate success in our businesses; winning a new contract, successful completion of a job, raising new capital, record profit, record sales, launching new products or services…the list goes on and on.

Celebrating our wins is crucial; the sense of achievement, enjoying our successes and taking time to congratulate our teams can only be a good thing. However, after a success, there is also a risk; one step forward can indeed lead to two steps back!

Whether it be as a result of becoming complacent, overbearing pride which leads presumption of further success when none is guaranteed (hubris) or just plain old exhaustion from the effort expended on the initial success itself, success certainly has its own risks associated with it.

Complacency occurs because instead of building on our successes and making the most of what could be a winning streak rather than a one hit wonder, we tend to celebrate and halt the momentum we’ve accrued.

We bask in our own glory for too long and success then becomes a short-lived, isolated incident as opposed to an on-going pattern of behaviour successes, then being few and far between, become a rarity and the next time an achievement occurs, the same complacency is repeated.

Linked to complacency is pride. Not the healthy kind of pride we should all have in our achievements, but the type of pride that comes before a fall. There is a certain high that is felt when success is achieved; a rush of adrenaline, positive endorphins that give us that feeling of triumph, but this too has its dangers.

Feeling that you’ve arrived, that you are there and at the peak of your game in the short term causes you to lose perspective in the long term; the success of a new contract may bring you closer to achieving your long term goals, but does it negate the need to stop working towards them all together? Probably not!

This has happened to countless businesses that were, at one time, industry leaders, only to take their eye off of the ball and realise that by the time their focus has returned, their successes have diminished. Look, for example, at some of the recent high street names that have fallen by the way-side; Woolworths, HMV, Borders, Threshers, MFI…..

Feeling exhausted after a success is no surprise; the time, energy and effort required to achieve success can leave you feeling drained. However, should you really be feeling too tired to continue to work towards your goals? Is the issue really that the next task is too big and subsequently becomes insurmountable?

So how can we limit the risk of success?

Here are some basic principles to follow in the wake of your business successes in order to maximise their positive impact:

1. CELEBRATE – DO celebrate your successes. Take time to give your team and yourself a well-deserved pat on the back. It’s healthy and raises team morale to revel in their accomplishments, but celebrate for a reasonable period; an afternoon or a day, not a week!

2. EVALUATE AND PLAN – Evaluate the success; identify what positive strategies led to the success and how this success might be repeated in the future. How does this success fit into your business’ long term goals and aims? After a win, plan your next steps, refine and develop your goals and put in place whatever it takes to achieve these goals.

3. CHALLENGE – Part of what makes success so sweet is overcoming a challenge. If you are then left with nothing to challenge you, your success can stall. Seek out the next challenge and start to work towards it.

4. INVOLVE AND ENGAGE – Don’t keep the plan and a secret; involve all stakeholders and engage your team. Momentum is more easily maintained when we are all pulling in the same direction!

5. IMPLEMENT AND ACCOMPLISH –Execute your plan, adapt as necessary, but be resolute in striving towards those goals. And so it begins again…. Your next step will be to celebrate your next success!

Thoughts

“The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will.” Vince Lombardi

“Before you start some work, always ask yourself three questions – Why am I doing it, What the results might be and Will I be successful? Only when you think deeply and find satisfactory answers to these questions, go ahead.” Chanakya

“If you want to be successful, it’s just this simple. Know what you are doing. Love what you are doing. And believe in what you are doing.” Will Rogers

“Action is a great restorer and builder of confidence. Inaction is not only the result, but the cause, of fear. Perhaps the action you take will be successful; perhaps different action or adjustments will have to follow. But any action is better than no action at all.” Norman Vincent Peale

“All successful people men and women are big dreamers. They imagine what their future could be, ideal in every respect, and then they work every day toward their distant vision, that goal or purpose.” Brian Tracy

Dedicated to your sucess

Susan Gallagher Success workshops