It must be really (really) UBER tough to predict the weather, judging by the often laughable accuracy rate of my local meteorologists. =) Predicting how hard a business owner will struggle in their business and / or his or her ultimate failure as a self-bosser, though… isn’t nearly as difficult.
Over the years, I’ve worked with thousands of business owners — in different capacities — across various industries, all over the world and in very different economic climates. There’s ONE TOP predictor of business struggle and failure that I think is instructive to all of us — ESPECIALLY as we launch into a new year.
As usual, though, the #1 predictor of business failure and business struggle is often mis-diagnosed.
It’s not a lack of capital.
Or a lack of know how.
Or a lack of desire.
It’s not a lack of support.
It’s not even a lack of discipline.
The #1 Predictor of Failure and Struggle in Business is a Lack of Decision.
And you can’t hide this one. An owner’s UNWILLINGNESS to be decisive shows up in really ugly, predictable, visible and destructible ways in their business.
- It shows up in their copy and what they SAY about their business. Essentially an indecisive business owner is unwilling to CALL OUT their ideal market, as they try — unsuccessfully — to appeal to anyone and everyone. As Deborah Shane reminds us with her BRANDING RAP SONG, you gotta “make a stand with your brand and put a stake in the space.” There’s value in calling out to your clients, letting them know you’re talking JUST to them, and making them feel AT HOME on your site, in your office and wherever else you show up. And there’s NO value in doing the opposite.
- It shows up in constant (almost frantic) changes in business direction. Whether it’s wild or frequent swings in price point or constantly changing what you offer, indecision shows up in your business and screams to your clients: GO AWAY UNTIL WE FIGURE THIS THING OUT! =) Indecision keeps you running, panting from this option to the next and costs you dearly in lost momentum.
- It shows up in your bank account. One of THE MOST COMMON traits of business owners with meager incomes: indecision.
- It shows up masquerading as confusion. First, you should know that you are not confused. It may just be that you are unwilling to decide and live out that decision. You KNOW what to do, 9 times out of 10. Let’s get to it. =)
- It shows up as HUGE INNER CONFLICTS and COMPETING GOALS. It’s hard to set priorities when we’re unwilling to make decisions. It’s even harder to grow a business income when we haven’t DECIDED what our top (business) priorities will be… because when this happens — ALL of our wildly brilliant and creative goals are competing with each other, choking each other out, and leaving us feeling really beat up and unfulfilled in the process. (And BOY do we have wildly brilliant and creative ideas… You too? The key to your success is deciding what takes priority NOW, when you’ll act on the others, and STICKING with that decision!)
- It shows up as missed goals. Business owners unwilling to DECIDE constantly set goals that are never reached. It’s not because they’re not capable… usually, FAR from it! It’s because they haven’t fully COMMITTED to a course of action. It’s because they’re decision-phobes. It’s because they want to succeed WITHOUT — as Deborah so cooly raps it — putting their stake in the place.
Now, some people will read this and wish it were different. Some will even start to convince themselves that their business IS different. That it’s different for them. That all of their lukewarm copy or wishy washy programs or fluctuating price points or missed goals are a function of their unique place in the market… or because of their very unusual niche.
