By Eric Woodruff, CPA
Partner, Audit & Assurance Services
[email protected]
“When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us.”
So said Alexander Graham Bell, the father of the telephone. This month not only marks his birthday but also the date he patented this groundbreaking invention. When he tried to sell the patent to Western Union, the company’s president turned his nose up at the idea, dismissing the telephone as a toy. But that didn’t discourage Bell. He pressed on with the development of the communication device, which is now a vital part of our everyday lives.
Failure is a possibility in any venture. Bell faced technical difficulties, naysayers and lawsuits, but every speed bump ultimately pushed him further on the road to success. Keep this in mind as you pursue your professional goals.
As you build your business, be willing to take risks. If your company’s not growing, it’s dying. And the only way to foster growth is to think outside the box and try new things. Bring different perspectives to the table. Expand your products and services. Think about what happened when Netflix shifted from DVD rentals and sales to online streaming. Or when Amazon went from exclusively selling books to offering albums, DVDs, video games, software, kitchen supplies and more.
When you’re in the midst of business development, know your limits. Don’t try to carry the load on your own. Surround yourself with an encouraging workforce and find people who can succeed where you fail. Not every leader has the Midas touch. There’s no shame in leaning on others to carry the company forward.
The most important thing to remember is that failure isn’t the end point. It’s part of the learning experience. Discovering what doesn’t work in your business is an essential step toward its success.
These ideas apply to leaders on any level — from CEOs to managers. As we continue transitioning into the new year, now is a good time to step outside your comfort zone and start thinking about how to grow more successful. Don’t be afraid of failure along the way!
If we can assist you further with achieving success in your business or personal affairs, please call Eric Woodruff at (317) 613-7850 or email [email protected].