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What our members have to say...
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"Thank you for your email yesterday regarding an extension of your services.
In fact I now have the necessary investors in my business, one of whom came
through Business Angels & we are now quite advanced on the project. I would
highly recommend any potential entrepreneur to acquire a partner through
your organization. Thank you again!"
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Eric Sanderson - Naremburn Child Care Centre |
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10 reasons business strategies fail
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Have you wondered why so many strategies fail? From IT implementation and acquisition to process management initiative and customer focus projects, the outcomes are distressingly similar. If you want to play the odds, bet on failure.
Most business leaders have fresh ideas, good intention and a willingness to take action. So why is it so hard to burn strategy into reality? Here are 10 of the most common reasons;
The goal isn’t clear
Fussy goals lead to fuzzy outcomes, while it seems obvious many organizations simply don’t articulate the specific goals of a business strategy. If the goal of your customer intimacy strategy is to form deeper customer relationship, that’s fuzzy.
If the goal is to increase customer retention by #100, 000, that’s clear.
Here, deeper customer relationships may be the mechanism to achieve the goal.
The goal isn’t compelling
The why provides the impetus to achieve the “what” if the goal is a nice to do rather than a must do its unlikely to happen. What makes a goal must do? The prospect of a big win. If we can supply 100,000 units in 30 day then Mega Retailer will make us a preferred supplier. What else makes a goal must do? The prospect of avoiding substantial pain. If we can sell 100,000 units in 30 day then will avoid going down.
Too many goals
When every is a priority, dint be surprised if nothing gets accomplished. Many so called strategic plan have too many goals, objectives, success drivers, strategies, initiatives and so on. Worse, it’s not clear how these various appendages are linked. Is it any surprise these plans sit on shelves and collect dust? Choose to do fewer things much better.
The plan is vague
Many plans are simply a brainstormed list of things to get done by unspecified times. A plan with specifics outlines how the job will be done and the people that will do it. It takes into account the sequencing and timing of tasks, activities and resources.
People aren’t engaged in the planning
If you want people to be engaged, they need to have a voice in the planning process. That means either a voice at the front end of the process focus groups being one example or a voice after the draft plan is created and encouraged to provide input they feel engaged. This doesn’t mean that strategic decisions are made democratically. They’re not. It’s about respect. Are they asked? Do they feel heard? Let your team see the strategy as theirs.
The cultural implication are overlooked
Do projects more often fail because of technical reasons or cultural reasons/ an overwhelming majority of managers surveyed identify cultural reasons. Similarly: is more time and energy devoted to planning the technical implementation or cultural implementation of project? You guessed it a similar majority says the technical implementation. There is a mountain of evidence in the business literature that supports these insight s. one might think that organization would have connected the dots by now. Sadly, neglecting the cultural implication unwittingly undermines technically sound plan. If you want to make implementation work, then carefully align the processes, structures and systems that impact and enable people.
Progress isn’t measured and managed
Ever notice how plan placed in the spotlight flourish while those left in the dark shrivel? Any plan worth executing is worth tracking. A monthly meeting with a tight agenda can quickly determine what actions have been taken: what progress has been made: what will be accomplished over the next mouth and by whom, and what, if any, challenges have emerged? This builds commitment and confidence in the process.
The plan lacks flexibility
Reserve the right to do what make s sense. Plans are based on assumption that can change over time. If they do change then the plan may need to change. A quarterly “recalibration” meeting is a good forum to test your assumption and determine which, if any, have changed. The meeting may result in either a revalidation or redesign of the plan. It ensures the plan stays real and relents.
You lack the right people
Some of those nice people who work for you may not be the right people to get the job done. That statement makes you uncomfortable, doesn’t it? If you are truly committed to wining, however you define it, then at some point you have to take a long, hard, honest look at the capabilities of your people.
Point them in the right direction, support them, develop them give them a fair chance to succeed. But if they can’t get it done, then your responsibility is to get people who can.
Failure is met with indifference
Your response to failure sends a clear massage about your commitment to winning. Just as importantly, it sends a massage about your credibility. Do you ignore a failed initiative and move on to that next thing {which conveys that you really weren’t that committed and you shouldn’t be taken seriously}? Do you look for scapegoats {which communicate that you don’t take personal responsibility and can’t be trusted}? Or do you first look in the mirror take responsibility, then publicly commit to getting it right, and effectively engage your people to make it happen? Your choice speaks volumes about who you are as a leader. There’s a big difference between the will and the will to do what it takes to win. It’s critical that you understand the difference. Ask yourself the question; how committed to winning are you?
Get committed today to ensure you enjoy a failure proof business
You will succeed!
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