No business is complete. For the simple reason that a company can exist only in two states. Growing. Or dying.
If you are not actively investing in your business, your company is decaying. Perhaps not yet in ways you can see. But inevitably and with growing impact. The cost of repair increasing exponentially.
Investment comes in many forms. Money being the most obvious. And often the least impactful. For the simple reason that much of it is misspent. Typically on initiatives that feel strategic, but are often simply reactive.
In today’s business environment, many companies are seeking ways to expand their income stream. Extending new services to existing clients is one strategy that most business leaders explore. It appears reassuring and feels instinctively right, building on existing capabilities and relationships.
But vertical expansion has limitations. Its very familiarity luring us into quick justification for the decision to act, while obscuring the need for more comprehensive analyses.
When building a business, the most imperative investment if that of our own ego. The question of what we do, and whether that is the best use of our company’s assets and experiences, requires a willingness to see ourselves as something other than that which our success has been built on.
Great business leaders ask themselves these questions every day. Their concern being not whether their past defines them as a success.
But whether the future they have planned is the best return for the most precious investment they have to make.