If you could predict the future accurately, would you do anything different? So many business leaders from prominent companies and small businesses choose to not take action to prevent their business from failing, even when they know all odds are stacked against them. This week, the Spark Partners discuss this all-too-common mistake businesses make, and the steps any leader can take to push their business towards growth. We all deny the reality of what we might be doing wrong, and what we should be doing better. Just look at what happened to major retailers like Sears and ToysRUs, and how Walmart missed so many chances to become an e-commerce giant before the pandemic.
But sometimes it's less obvious to know what action to take. The key is redirect fear of the unknown into two strategies: Quantify the status quo and invest in training. Even when a business is thriving, leaders need to measure the growth of external factors, such as rising industries and competitors, against themselves. They must learn about their options, and plan for changes long before they are actually needed. There’s no use in pushing change away, especially when you’re in business. It’s time to train, prepare, and take the bet to create a business that thrives into the future.
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