Posted on 30/04/2014, 10:09
Over the years, there have been many theories in existence which suggest that our minds and bodies develop and change every seven years. For example, Austrian philosopher and teacher Rudolf Steiner created a theory of human development based on seven-year cycles that were associated with astrology. According to his theories, humans experience changes physically and mentally every seven years.
Over the years, there have been many theories in existence which suggest that our minds and bodies develop and change every seven years. For example, Austrian philosopher and teacher Rudolf Steiner created a theory of human development based on seven-year cycles that were associated with astrology. According to his theories, humans experience changes physically and mentally every seven years. It makes some sense that if we experience large changes in personal growth, experience, knowledge and goals every seven years, that these changes will make us less stable and increase the probability of major problems, such as divorce. Hence the term “The Seven Year Itch” – which is usually applied to marriages.
A 1999 study undertaken by Dr. Larry A. Kurdek, a psychology professor from Wright State University, demonstrated the validity of both a four and a seven year itch. In our opinion, the ever-changing conclusions indicate that there is no ‘magic number’ – but it does seem to indicate that things can start to go off track some time after 4 to 7 years have elapsed.
For the purposes of this article, we are going to concentrate on the seven year itch as applied to businesses, but the parallel with marriage is one that we shall continue with.
A lot of businesses that we work with have started out successfully, made reasonable profits and are generating sufficient cash, but some time after that 4 to 7 year period, things begin to plateau and everything goes a little bit ‘flat’. It is only when somebody from outside of the business begins to ask the owners the relevant, hard-hitting questions, that they begin to realise that things are not going quite as well as they might have (don’t worry – even successful young companies encounter significant business difficulties a few years after starting out!). Growth can become harder to come by, the competition is stiffer and whipping the troops into a frenzy of 60-hour weeks becomes ever more daunting. Too often, we find that the owners have ‘taken their eyes off the ball’ and have been spending too much time looking inwards rather than outwards.
Once these businesses have decided to grow their business again, what do they do next? Too often the default is just “more of what works now”.
But for most SME businesses, the methods that made you successful previously, may not be scalable or appropriate any more. Do you really know which areas of your business have the most potential to increase revenues and profits? Relying on ad words, trade marketing or word of mouth have their limits. You have to look at marketing more strategically, integrating it with your product development, your team’s skills & capability development, and the finances of the business. We know that it can be really tough to stand back and take a truly objective view of the markets that you are operating in and the products and services that you are offering to those markets.
If you want to effectively grow your business, you need to know the answers to a few fundamental questions, such as these:
We believe that one of the reasons why these owners have taken their eyes off the ball, is that there is nobody holding them to account! They do not have to answer to anybody, so there is nobody to challenge them, question them and motivate them. That is where we come in. Whilst we hope to become your best friend, we will also be your biggest critic, giving you an honest opinion that you may not wish to hear!
Returning to the marriage analogy, the seven-year itch is a period where people tend to re-evaluate relationships and unfortunately, many come to an end. The signs of deterioration have been there all along, but everyone has been too busy to notice them or to act on them.
After seven years, all of the parties on both sides of the employment contract are undoubtedly suffering from the proverbial “itch”:
So what is the under pressure business owner to do when they identify that the 7 year itch may well be upon them?
The first thing we recommend is that you go back to your original business plans and strategies and ask yourself if the business is really still on the track that you had imagined it would be after this length of time? If not, revisit those plans and strategies and see what you can think about doing to get back on track. Even better, seek advice from somebody outside of the organisation and share the issues with them – you DO have a mentor, don’t you?
If you require outside help, we offer a free strategic review of your business and we will genuinely help you to improve your results. During the free consultation we’ll give you our invaluable support and advice on the areas of your business that need improving.
What do you want to achieve in your business? Every owner manager had their reasons for why they started out on that journey – what are yours? And more importantly, are they still valid, are you on track, or are your hopes and desires being frustrated?Read More
It’s not only Hagrid’s three headed beast of Harry Potter fame that goes by the name Fluffy. Marketing has been “accused” of being ‘fluffy’ by which it is meant that it is not measurable, not accountable and it is unclear how it impacts the business.Read More
So you have your marketing plan sorted out (if not, see our previous blog in this series for some useful pointers). Now you just need to make it happen.Read More