Category:Success In Business Management Leadership Entrepreneur Business Systems Business Management Business General
Most companies fail because they run out of cash. The following are several reasons that precipitate running out of cash and how to turn those reasons into success:
- Lack of critical thinking
- No market research or competitive analysis
- Confusing the product with the business
- Refusing to release control to others
- Failure to execute using acquired skills and tools
- Failure to innovate
Failure! One would think it is a 4 letter word. It is probably the most dreaded thought of a business owner. My business failed therefore I am a failure. First, that is not a true statement. Second, if a business does fail then there are a number of reasons for the failure. Thought must be given to why and what can be learned from business failures of others.
When we become so busy in the day to day operations of the business, we forget to step away and try to understand what is happening within the business, around the business and out in the real world. We forget to think critically.
Critical thinking...the awakening of the intellect to the study of itself
If you don’t study your business you can’t determine what changes need to be made or how to adapt to the changing environment around you. There are movies about Transformers. They adapt to the environments, dangers, opportunities and risks around them. Without critical thinking, and the resulting transformations you incorporate into your business, you risk the initiation of your ultimate fear, failure.
Critical thinking only happens when:
- you walk away from the day to day operations
- you read, observe, and educate yourself on what is going on around you
- you look at who is buying, what customers are purchasing
- you identify what customers are they truly looking for when they purchase your product or service
The practice I follow is to step away from my business once a month for a half day, and once a quarter for a full day. This isn’t just for planning the next month or quarter, but rather a time to gather a greater vision by reflecting on successes and challenges. It allows me to get away from the distractions of the office, and away from the responsibilities of home. During this time I strategize by reflecting on recent experiences; to learn from them, and look ahead to determine an even greater vision for the business. Critical thinking only happens when you allow your mind to be empty of day to day challenges, frustrations, and demands. It is truly a discipline that allows a gathering clarity, precision, relevance, reasoning, depth of analysis and experience. It is truly an opportunity to re-energize.
Failure to think critically about your business creates a vacuum of energy, direction, momentum and agility, all which lead to that first step down the road to your greatest fear.