High Standards In Business: Good Or Bad?
Your business is your baby, why shouldn’t you want the absolute best for it?
I’m always at a bit of a cross roads when it comes to this question, I’ve been on both sides of the argument. My business is my baby, and nobody will ever run it the way I do, but at the same time I’ve dealt with people and clients who have impossibly high standards when it comes to what they want. There has to be a way to meet in the middle and cultivate positive growth, fool-proof knowledge, and not be a butt about it all.
I’ve been thinking a lot about standard recently, as life has got pretty hectic I’ve thought about ways I could divvy up smaller tasks or tasks on the horizon. But it just wouldn’t be the same as doing it myself, does that make me just as bad as my nightmare client? Or am I the nightmare for viewing “high standards” as a negative in anyone but myself?
I’m unsure if you can tell…but this blog post is going to be a journey of self discovery for the both of us.
Strike a balance
We all want the best for our business and high standards push us out of our comfort zones - challenging us to innovate, improve, and deliver better quality service. They set the standard in every part of your business.
But balance is crucial. Unrealistic standards can lead to a consistent state of dissatisfaction, causing burnout in yourself and anyone who dares cross your path.
There’s a balance between ambition and practicality, you just need to find it.
The Pros of High Standards
1. Quality Assurance:
Demanding high standards ensures that your products or services consistently meet or exceed customer expectations. This builds brand loyalty and trust, leading to long-term success.
2. Innovation and Growth:
Setting high benchmarks fosters innovation. It pushes you and your team to explore new possibilities, encouraging creative solutions and technological advancements.
3. Competitive Edge:
In a saturated market, high standards can differentiate your business. Exceptional quality and service can make your brand stand out, attracting customers and investors alike.
The Pitfalls of Unreasonable Standards
1. Employee Burnout:
Unattainable goals or constant perfectionism can exhaust your team, leading to decreased morale, increased turnover, and a decline in productivity.
2. Stifled Creativity:
Excessive focus on perfection can inhibit experimentation and risk-taking, limiting opportunities for breakthroughs and novel ideas.
3. Missed Opportunities:
Overemphasis on perfection may delay product launches or projects, causing missed market opportunities and allowing competitors to gain an edge.
Strategies for Managing High Standards
Define Realistic Goals: Set achievable, measurable, and time-bound objectives that align with your business's capabilities and resources.
Encourage a Supportive Culture: Foster an environment where learning from mistakes is encouraged, and individuals feel comfortable taking calculated risks.
Prioritize and Delegate: Identify critical areas where high standards are essential and prioritize them. Delegate tasks accordingly to avoid spreading resources too thin.
Seek Feedback and Adapt: Continuously gather feedback from customers, employees, and industry peers. Use this information to refine your standards and adapt to changing needs.
Having high standards as a business owner is a double-edged sword. While it can drive success, it requires a specific approach. Balancing ambition with realism is the key to getting the real benefits without falling prey to the pitfalls.
Embrace high standards as a driving force for growth, but remain mindful of their potential impact on your team, your business, and yourself. Strive for excellence, yet remember that perfection may not always be attainable or necessary. Ultimately, it's the journey towards improvement and innovation that truly defines a successful business.
By navigating this fine line, business owners can harness the power of high standards while cultivating a healthy, sustainable, and thriving enterprise.