Success, Failure: Where do you go from here?

The Inflection Point.

(No, it’s not the title of a new holiday action movie). 

An inflection point is a significant turning point. It’s that moment in life or, more specifically, within your business that marks a critical shift, positive or negative. It’s that moment when you realize you’ve finally taken off or you must come to terms with the fact that your venture probably isn’t going to get off the ground (at least for now).

With 2016 coming to a close and a new year in the horizon, most of us find ourselves reflecting on endings and beginnings, success and failure–inflection points. Just remember: no matter which direction you’re headed, there is always opportunity waiting. All you have to do is put in the effort to find it:

Educate Yourself

Stay in tune with the world and your surroundings. It may seem obvious, but we are so often caught up in our schedules that we neglect even the simplest, yet important, things like reading world news, business journals, advice columns or special interest blogs. This allows you to anticipate changes and trends that are taking place in your market, keep you aware of new competitors entering the game and, more importantly, find customers that are being overlooked by others. Word of advice: Don’t get too caught up in headlines. News is usually sensationalized, so filter out what’s truth and what you actually need to know.

Explore More

You may think you understand the ins and outs of your business, but there is usually an area that needs more of your attention. Whether it’s human resources, operations, marketing or sales, take the time to learn something new within your own company. The same goes with your customer base; don’t get too comfortable with the idea that you know exactly what your customers want. Exploring involves asking questions to get answers. You never know, you may discover there is something that you’ve been missing or has the potential to take you to the next level.

Execute Plans

Always follow through on your promises. Once pieces start fitting together, develop a strategy and go for it. However, you need to know exactly where you’re going, how you’re getting there and whom you’re going with. Determine short-term and long-term priorities for yourself and your team and weed out ones that may get in the way. Not everything needs to make the list. Define and evaluate KPIs that will help guide you along the way. And most importantly, I believe, is making sure your team members are all heading in the same direction. Spend time training, developing and infiltrating the minds of those around you. There is a method to the madness as they say. You may have the big picture in mind, but you must aim for goals with precision.

The Gist

Keep in mind that life has an amazing way of moving on, especially in the business world. It’s constantly evolving and it doesn’t wait around for anyone. Whether your inflection point marked the height of success or left you deep in a trench this year, don’t stand still. Stay curious, ask questions, take aim and launch.