“Why do some companies succeed when they fail to employ the best practices of successful companies?”
When the sun is out and the wind is calm, every boat stays afloat. When the storms come only the good boats stay afloat.
A company can be successful without employing best practices by being lucky. However, due to the law of averages their luck will run out. Best practices allow an organization to “do the right things for the right reasons consistently.” Companies who fail to seek out and employ best practices may be doing the right things for the wrong reasons. These companies, while tempting fate, never do the right things consistently.
An example of a company that enjoyed undeserved success is the retail store Sears, which closed 50 locations in 2016. “The department store chain has been bleeding cash for years. It has been closing hundreds of stores and selling off real estate to stay afloat,” writes Hayley Peterson in Business Insider. Analysts believe that “a recovery is unlikely.” Sears has even considered selling its once popular Kenmore, Diehard, and Craftsman brands to stay in business, which could provide quick cash in the short-term, but over the long-term, give customers less incentive to shop there. Much blame has been placed on the CEO and other top executives for continuing to carry out harmful strategies, including not finding ways to appeal to younger shoppers.
As a leader who is committed to the high road and never resting on your laurels, push your organization and employees to adopt practices that help you stay ahead of competition and exceed your past successes, which eventually translate into a healthier bottom line.