Your Biggest Threat
When was the last time you looked at your competition? Most businesses obsess over what others in their industry are doing—new products, pricing, or marketing strategies. But here’s the thing: focusing too much on competitors can make you blind to a much bigger issue. Often, the greatest threats to your business come from within.
This week, I’m exploring three key internal challenges that could hold your business back—and how to tackle them effectively.
One: Complacency Kills Innovation
Have you ever heard the phrase, “If it’s not broken, don’t fix it”? Sticking with what’s working is tempting, but that mindset can be dangerous. Businesses that rest on their laurels often miss opportunities to innovate. Just think about Blockbuster—they ignored Netflix because they assumed their model was unshakable.
Assumptions like this are a hidden danger. Is your top-performing product or process still delivering as much value as you think? Are you relying on “what worked last year” while your industry moves forward?
What you can do:
Reality Check Review: Every six months, ask your team three questions:
- What’s working well?
- What’s holding us back?
- What opportunities are we missing?
Two: A Misaligned Team
A disengaged or misaligned team can impact productivity, customer service, and even your bottom line. Research shows that only 32% of UK employees feel engaged at work, often because they don’t see how their efforts contribute to the business’s vision.
I once worked with a business where 40% of employees didn’t understand how their work connected to customer satisfaction. Employee engagement and revenue soared after introducing a regular feedback loop and aligning roles with outcomes.
What you can do:
- Encourage Feedback: Regular one-to-one meetings or anonymous surveys can uncover hidden frustrations.
- Promote Collaboration: Consider cross-department shadowing to improve understanding and alignment between teams.
Three: The Hidden Cost of Inaction
Your competitors aren’t just other businesses—they’re time. While holding onto outdated tools or processes might feel easier in the short term, inefficiencies quietly chip away at your potential. Kodak, for example, created the first digital camera but stuck with film because it felt safer. That decision cost them their industry leadership.
What you can do:
Cost of Inaction Calculator:
- Identify one inefficiency (e.g., a manual process).
- Calculate how much time it consumes weekly.
- Multiply that by your team’s hourly cost.
- Compare it to the cost of a new solution.
This simple exercise can highlight where sticking to the status quo costs you more than change would.
Addressing Blind Spots
Blind spots are inevitable in any business. Whether it’s outdated processes, disengaged employees, or untapped opportunities, it’s critical to recognise these areas before they become problems.
Quick Exercise:
Write down your top three business strengths. Then, ask your team, customers, or trusted advisors to do the same. Do their answers match yours? If not, you’ve uncovered valuable insight that needs to be addressed.
Reframing the Threat Mindset
Your competitors aren’t the enemy—they’re a distraction. The businesses that thrive are those that focus inward, strengthening their foundation before chasing external opportunities. Growth starts with fixing what’s within your control.
- What assumptions are you making about your business’s strengths?
- How could your team be better aligned with your vision?
- What outdated process or system is holding you back?
- Start small—identify one area to address and take action.
If you’ve recognised one or more of these challenges in your business, I can help you tackle them head-on. Whether streamlining processes, aligning your team, or rethinking your strategy, we can work together to unlock your business’s full potential.
Let’s talk.
Have a brilliant week!
Dave Rogers – The Business Explorer