When A Business Strategy Fails Ask Yourself These 3 Questions
In the day and a life of an entrepreneur, the one thing we don’t always plan for… is that business strategy that just did not live up to how good it looked on paper. Sometimes our passions blind us from obvious mistakes, but normally we do try to minimize the strategy that affects our bottom line. Although some mistakes are too fun to only make once… before I go diving into the next venture I like to ask 3 questions so I can better access why a business strategy failed.
Why Didn’t This Strategy Work?
Your first task is to find out why the strategy didn’t work. This might be difficult but it will be vital to not making the same mistake in the future. If you just shrug your shoulders and move on, you could make the same mistakes in the future that cause the strategy to fail. But if you know what mistakes you made, how to fix them or avoid them in the future, you’ll have a big head start towards connect opportunity. Keep in mind, it is usually a combination of several factors that make a strategy fail and not just one single problem.
What Did Work?
Finally, you’re going to break down the strategy as you’re looking for reasons that it failed and find out what things did work. You can use those same things in the future when you’re ready to begin a new strategy. Knowing what worked and what didn’t can be a powerful asset in your next endeavor and understanding what actually did work can teach you just as much is figuring out what didn’t work about a strategy.
Just because a business strategy failed doesn’t mean that you, personally, are a failure. In fact, the very fact that you failed shows that you’re willing to take a risk and put yourself out there. Most successful people fail several times before they get it right. If they had stopped after one or two failures they would’ve never gotten to the point they are today. A good example of this is novelist Stephen King. He had hundreds of rejection slips posted on his wall before finally getting published and now he’s the most successful novelist of the 20th century.
What Could We Have Done Better?
What Was Out of Our Control?
Can We Create A Processs Or System To Prevent This From Happening Again?
What is the lesson learned here?
How can we apply this knowledge to future strategies?