Do you want a sure-fire way to predict when something is going to go terribly wrong? I do. There is a way but it’s not a crystal ball or Ouija board. The answer is in Forbes contributor Paul B. Brown’s article… The One Sign Something Is About To Go Wrong… And What You Can Do Before It Does. The legal profession is changing rapidly, and the ability to spot and adapt to these changes is invaluable.
Brown was asked for a formula to predict success…
While I haven’t found a foolproof formula to predict success, I know I have come up with a way to tell when something is going to go horribly wrong.
That is going to occur immediately after you become complacent. I have never seen it fail.
The moment you think you have nailed it—you believe your product or service is perfect; you have mastered everything there is to know about leading their organization—something or someone is going to upset your proverbial apple cart.
For example, a new competitor will enter the market with a new way of doing things.
I am sure that Blockbuster thought everything was fine even when Netflix NFLX +1.21% first came along. The large box consumer electronic stores were doing quite nicely and remained unconcerned when an increasing number of people starting shopping their stores, asking lots of questions about the merchandise and then leaving empty handed (so that they could buy the product cheaper online.)
Or there will be a management challenge that you didn’t see coming. (‘Wait a second! It looks like these Millennials want to be managed differently than all the baby boomers we have in our ranks.’)
You have two choices when you face these kinds of situations.
You can assume the new information/problem/challenge is an aberration and there is nothing to worry about. (People will always want to rent movies from a freestanding store; or in the case of the big box stores “this Internet shopping thing is just a fad.)
As for management challenges you can simply say: ‘These new workers will just have to get used to the way we have always done things. Our systems are perfect the way they are.’
Or you can take every potential change to the marketplace seriously.
No, not every new entrant or new idea could put you out of business, but it only takes one significant threat as Blockbuster and the consumer electronic stores learned the hard way.
The problem with worrying about every threat and every change in the marketplace is that you can never become complacent. You can never truly relax and enjoy what you have accomplished.
Accept that. The alternative is becoming obsolete or irrelevant.
While it is tiring—because you can never rest on your well-earned laurels—it is far better to be vigilant.
Complacency comes in many forms. The most harmful to a lawyer’s business is… “I’m too busy!” Yes, I acknowledge that you may have a heavy workload, but I ask you… Are you working as efficiently as you could? Are you leveraging the skills of a team? Are you making every minute you spend on business development count? If not maybe you have become complacent and begun to settle for business as usual! Now that you know complacency is a sure sign of impending disaster… what are you going to do about it?
If you would like to explore how this insight applies to your situation… give me a call.