The greatest cause of business failure
I know that everyone (including me) tells you that the biggest cause of business failure is lack of cash flow. While that is certainly the direct cause of most business failures, there is another, underlying indirect cause.
Failure to plan
My Canadian colleague Ian Dainty has written this blog post that I thought was well-worth sharing. I hope you find it helpful.
Have you failed at something recently in your business or personal life?
I‘d say, if you’re human, you probably have failed recently!
And if you’re like everyone else, you have not only failed, but failed miserably at something important in your life, at one time or another.
I certainly know I have failed many, many times.
So right now, think of what you have failed at.
Now, think of why you failed.
Do you know what the greatest cause of failure.
Many believe it is for one or more of these reasons.
- Lack of capital.
- Not enough customers.
- Not having the right people.
- Investing in a doomed industry.
- No support from people whom they care about.
- And many, many more.
All of these are important, but they are not the real cause.
The real cause, of business failure, is not being ready to succeed.
And why aren’t people ready.
It is usually for three reasons.
1. They haven’t planned,
2. They haven’t done their homework (research) and
3. They haven’t practiced.
Do you get your goals accomplished every year?
If you don’t get them accomplished/completed, do you know why?
Most people don’t accomplish their goals for a number of reasons;
1. They don’t write them down.
2. They really aren’t committed to them.
3. They don’t share their goals with others to put pressure on themselves to achieve their goals.
4. Plus, many more reasons.
But the biggest reason people don’t achieve their goals is because they don’t have a plan for their achievement, and as stated above, they don’t do their research, and they don’t practice before they have to execute a part of the plan.
So, do you have a plan for the success of your business for 2019?
And is it a formal plan, which shows you why, what, where, and how to execute it?
Does it also show you when and how you should monitor it?
Have you done the proper research and analytics on your own business, your clients’ businesses, your competitors and what your marketplace wants?
If you have done all of those things, then you will probably succeed.
Now, that is if you are only planning for your own future.
But what if you need others to help you succeed, like growing your business?
Are the other people onside with your plan? The people you need to implement and execute it properly?
They probably only are, if you included them in the planning process, and they gave their input.
Obviously what I am getting at here, is that in order for your company to succeed in 2019, you need to have a Strategic Marketing & Sales Plan to get there, and you must involve everyone whose input you need to help you reach your goals successfully.
And the best way, to develop the right Strategic Marketing & Sales Plan for 2018, is to have it done formally, with a professional facilitator leading the process for you.
I have facilitated a few hundred planning sessions for my clients over the years, and I have a structure that will facilitate your plan, so that it is successful.
Right now I am running a special for the first four companies that commit to me helping them, through my planning facilitation system, to commit to a Strategic Marketing & Sales Plan before December 21, 2018.
You don’t need to start the planning process before December 21, although I strongly recommend that you do, because it is a three step process. It just needs to be started in early January 2019 for you to get the full year’s benefits from your plan.
You can GO HERE to see all of the details.
Written by Ian Dainty. Maximise Business Marketing
5th December 2018