Guest Post by: Tumi Frazier, founder of Tumi Frazier International
"Most ailing organizations have developed a functional blindness to their own defects. They are not suffering because they cannot solve their problems, but because they cannot see their problems"
- John Gardner, author and founder of Common Cause
From time to time, we receive signals alerting us that something is not right with our businesses, or with our relationships, and so on. Sometimes, we acknowledge these signals and take the necessary action, but in most cases we choose to ignore them. We make up reasons as to why something is not working, because we are uncomfortable to deal head-on with the situation.
Whilst perseverance is critical in business, knowing when to let go of what doesn’t work is just as important. Staying too long with a losing venture is a common business problem. When faced with the prospect of changing strategy or exiting a project, industry or business, entrepreneurs tend to hang on despite clear signs that it’s time to let go.
Some situations will require that you deal with reality, confronting the issues rather than denying the inevitable.
So, consolidate, reposition the core business, adapt your current business model, innovate, confront someone, exercise more discipline - but recognise that whatever you have to do, you have to do.
"If you acknowledge the bad situation sooner rather than later, it is often less costly and painful to resolve or deal with."
Ask yourself the following questions: What is not working? What do I/we need to do to improve things? What actions do I/we need to take?
For as long as you are still holding onto a bad situation, you miss opportunities that may come your way, because every change presents opportunities no matter how bad things may seem at the time. Learn whatever lesson there is to learn from the experience, take accountability, and move on.
Tumi Frazier is a South African entrepreneur, professional speaker, author, TV personality, consultant, and founder of Tumi Frazier International, Tumi Leadership Academy, and Tumi Foundation. Tumi is an internationally acclaimed Leadership and Change Management expert who has worked with high profile clients and organizations across Africa, United States and Europe. Tumi has authored 4 books: Courageous Stories of Inspiration; In the Midst of the Storm; Stepping Stones to Success; and Your Moment. Follow Tumi Twitter | LinkedIn