These six points are markers to easily identify a business that is been dragged by the fangs of mediocrity. Mediocrity gradually cripples a firm, most especially startups.
- Lack Of Long Term Plans
This is obtainable in scenarios where the entire business structure is solely vested on service production for a fiscal year, with a mindset to draft out a better plan only when the need arises.
- Imposition Of Short Term Plans On Long Terms
A startup may have audacious long term goals, but due to the challenges of meeting up with goals, it repeatedly executes the short terms plans in place of the long terms’. Although circumstances like this can be ascribed to numerous factors, mediocrity still has a level of glory to take for its repetition.
- Lack Of Challenge
Lack of internal or external motivation to pitch a higher goal or lack of market competition.
- Lack Of Changes In Business Processes
A business whose processes remains unchanged over a period of time is tending towards mediocrity. Business processes includes but are not limited to cash flow, payment media, marketing and production. For instance, Point Of Sale machines (POS) are gradually infiltrating the global market. It’s expected that every major business, including popular restaurants, should have at least one due to cash security and ease of payment. A business with sufficient stature that refuses to procure one will eventually lose her customers in their hundreds.
- Lack Of Improvement On Products Or Services
A good business process backed up by outdated products or services cannot thrive much.
I’ll cite another example using the Nigeria based telcos once more. 4G LTE broadband services were introduced into the country by the likes of Swift and Spectranet. In 2016, all eyes were on the four leading telecom companies (MTN, Airtel, Glo, Etisalat) to follow suit. I can’t tell which of them finally launched first, but as soon as one announced their plans, others followed suit. In a competitive market, a business whose quality of service is not changing with public demands is a mediocre.
- Unchanging Financial Tables
Lastly, the figures on the financial tables tell so much about the health of a business. Stagnant figures are dangerous because running costs may always increase notwithstanding the profit margin. I suggest you review your entire business plan and vision if you’ve not had a good percentage rise in income in a long while.