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Post by csummers on Jul 27, 2013 11:06:49 GMT -6
INSTANT MBA: Don't Hang On To Your Past Success For Too Long
Profits and progress made by a business should be celebrated, especially in an economic situation as the US market is in at this time. But one of management’s duties is to assure that profits are made because of workers being efficient, and not because the company is coasting through past successes. Complacency causes the failure of business, whether by employees or management.
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Post by brianbrewer on Jul 27, 2013 17:24:19 GMT -6
INSTANT MBA: Don't Hang On To Your Past Success For Too Long
This article discusses an interesting aspect of a business's success that I think many companies have an issue with. I have not seen this first-hand, but I have a friend that owns a small business and was in the black for a while without making many new sales. He celebrated success off of a one-time deal he struck with a large client and assumed his business strategy was going well. He stayed with the same model and did not make major changes until he realized he was hemoraging money. He it did not take long for him to never make that mistake again.
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Post by mparrish on Jul 28, 2013 14:06:29 GMT -6
Using benchmarks that measure past success is hugely important, but it does not quantify innovation. Innovation is key in any marketplace, and if the company doesnt have a good read on what is going on right now, as well as how their plans for the future are shaping up, there can be large problems developing that are unnoticed to management. Also, without gauging the current progress of the firm, it's impossible to forecast when those past successes will cause current revenues to decline, leading to mre problems.
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Post by grober86 on Jul 28, 2013 17:13:36 GMT -6
INSTANT MBA: Don't Hang On To Your Past Success For Too Long
Sometimes pass success could cause you rest on your laurels, and doing this will always cause you to fall behind. Someone will always be motivated to take your spot. Some companies use factors like revenue and profit to measure their success, but it's possible that these things are still positive even after a company has lost its original spark.
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Post by ahrield on Jul 29, 2013 9:57:54 GMT -6
INSTANT MBA: Don't Hang On To Your Past Success For Too Long
I agree with this article completely, I can understand what he's talking about from experience. At my store we were number 1 in the entire company last, we got all kinds of recognition and thing that other stores didn't get. Now business is horrible and most are still focused on last years accomplishment. Finding out the problem was my managers mission in life seems like. Now we are slowly climbing back up the charts but there is still a lot of reminiscing
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Post by robertnicholson on Jul 29, 2013 11:40:24 GMT -6
I think that it’s good use things such as profit and revenue to measure success because you can use those as goals and you can compare how you were to how you are and if you’re doing better or if you’re doing worse. I think that doing this is right and not just “celebrating the result of things that happened a while ago” as long as you’re not using this as your only tool to improve and measure the success of a company. You should use this along with other important information to improve the company.
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Post by knight2 on Jul 29, 2013 15:29:24 GMT -6
Hanging on to you past success can be a difficult challenge but you will have to press forward and to achieve new accomplishments. Setting new goals for yourself will help you forget about the pass and move foward.
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Post by amberw on Jul 30, 2013 10:23:28 GMT -6
INSTANT MBA: Don't Hang On To Your Past Success For Too Long
You don't want to keep thinking your success from the past is still considered to be success. You must have the want to continue to grow and become and stay successful for future events.
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Post by heatherlaurent on Sept 18, 2013 9:29:54 GMT -6
INSTANT MBA: Don't Hang On To Your Past Success For Too Long
Some managers can get a big head, as the expression says, because they were successful. Even as the company's innovation slows with no new product on the horizon, managers can create a reality distortion field. Thinking that because they were successful for a quarter or a whole year, their reputation is set in stone. When in fact, every company must maintain its competitive edge to stay on top. If not, eventually the empire will come crashing down. It is important to stay focused, creating strategic plans (modifying when necessary), and always look towards the future and ask yourself, what is next?
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Post by brentgruber on Sept 22, 2013 18:09:01 GMT -6
As stated in the article it is important not to just coast after success you have had in the past. It is important to continue to strive to be the best in whatever field it is that you work in. If you are stuck in the mind frame that you are untouchable, you risk the chance of being knocked off of your pedestal. You should definitely look at your success as a win, but also as a lesson as you would do with a failure. Maybe there is something that you could tweak to make what it is you are offering even better the next time around. Never settle, always strive to do better.
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Post by chrmichall on Sept 24, 2013 11:34:26 GMT -6
Instant MBA: Don't Hang On Your Past Success For Too Long
This link talks about not holding on to what you have done in the past. Many time people get caught up and get comfortable with their past success.Other times they may get use to the past figures. You should be ready for change and not be just comfortable. Businesses are always growing so it would be wise to not be comfortable in on spot.
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Post by tyancey on Sept 29, 2013 14:53:11 GMT -6
INSTANT MBA: Don't Hang On To Your Past Success For Too Long
When someone does something that is a great success, it is easy to get caught up in it The person is just so excited and proud of what they have done that they become so focused on it and then forget about the future. This can be very dangerous because when you are looking back at the past, you may miss out on accomplishing goals in the future. Although you should celebrate your past successes, you should also learn how to let them go and focus on future successes.
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Post by ernestmajoue on Oct 3, 2013 11:29:59 GMT -6
Becoming lost in your vision of the company can lead to "coasting" as Bass states. I feel that you should always evaluate yourself and your company often. Knowing what is going on throughout your company is key to success and key to not losing focus on where you want your company now and in 5 or 10 years. As you grow in the business world remember where you came from and what started you in this journey.
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Post by Holland Bussell on Oct 3, 2013 11:47:21 GMT -6
What Carl Bass is saying is to not measure yesterday's success as today's success because they are two different things. In a way he is also saying that the original idea that got things going will not necessarily work again today. Times are changing everyday with technological advances. He also mentions how he tries to quantify things instead of measuring the results of the past for results.
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Post by stephaniemeyer on Oct 5, 2013 16:57:24 GMT -6
INSTANT MBA: Don't Hang On To Your Past Success For Too Long
I don't wholeheartedly agree with the author of this article. I can understand the point that you shouldn't "live in the past" and simply assume that because your company was successful last year and still is, that its success is guaranteed and going to continue. However, I don't understand that you should look for other options if your business is doing well currently. The old saying goes "If it ain't broke, don't fix it." In tat sense, if your business is making a profit and is a success, why look for ways to make drastic changes? I'm guessing what the author is trying to say is not to become complacent and assume you can drift on your success forever without paying attention to your profits.
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