It’s good to be king. But sometimes, you have to ask yourself exactly what you’re king of. Now and again, the answer can be less comforting than you imagine.
We often see this in business – brands that corner a portion of their market can operate well for years, only to find out that there’s a much bigger fish out there ready to steal that market share. Moreover, sometimes being stationary can lead to stagnancy, and that’s a terrible position to be in.
This isn’t just a theory either, we can see how some of the biggest corporations in the world are subject to how attitudes can change once success becomes the norm. For example, think of Boeing and their recent safety issues, which have been numerous enough to enflame a growing reputation of unreliability and cost-cutting.
So, the “big fish in a small pond” style of business management can actually be bad for your organization. In this post we’ll discuss why via some tips to avoiding that outcome:
Frustrates Staff
When a company gets too comfortable in its position, staff members might start feeling like they’re not being challenged enough. They could begin to feel like they’re just going through the motions, day in and day out. This lack of growth and excitement can lead to pretty acidic irritation and even burnout. Your best and brightest might start looking elsewhere for opportunities that’ll push them to learn and develop their skills too. Maybe you just fail to invest in great web design, and that pushes customers to better options. It’s worth considering how you can keep things fresh and engaging, even if you’re at the top of your local game.
Overlooks Competition & Stifles Creativity
You could miss out on new trends or innovative approaches that are happening outside your immediate circle, especially if you think your brand is the last word in the idustry. Moreover, when you’re not actively competing, there’s less incentive to come up with creative solutions or try new things.
It’s how athletes can fight like hell to get to the top, but may coast along when they’re in the top position. Your team might get stuck in a “if it ain’t broke, don’t fix it” mentality on top of that, and this can be poison to innovation as time goes by. Try to invest in and rotate fresh talent, and don’t be afraid to keep that developmental budget primed.
Limits The Potential Of Your Industry
While it might not seem a problem for you at the moment, you might be accidentally putting a cap on what your whole industry could achieve. Failing to push boundaries or explore new markets means the industry might not grow, or you won’t be advocating for your discipline at all.
This limited viewpoint might also mean you’re not attracting new talent or fresh ideas into your industry or be contributing to its downfall a little. It could be worth considering how you can help grow the pond itself and invest in the future, rather than just focusing on your position within it. After all, companies are in competition, but sometimes industries are too. Think about how the music industry has had to change with the rise of streaming services. Don’t assume you’re safe, but always seek to keep your position dynamic. In other words, that big fish has to swim.
With this advice, you’ll be certain to avoid big fish in small pond thinking.
