In the course of our consulting work, we have had the privilege of working with many diverse organizations. Businesses of all shapes and sizes, unique fields of specialization, and levels of sophistication. From Clinical Research groups to Martial Arts and Amazon resellers. Despite the fact these companies are all very different, when it comes to elevating, evolving, and sustaining growth there are universal truths flowing in the undercurrent of all of them.
Perhaps we should investigate why businesses fail?
A quick tour via your favorite search engine will give a slew of potential reasons: Poor cash-flow management, ineffective leadership, lack of innovation, complacency, bad hiring practices...and on and on. All of them can and will certainly create problems.
It's shocking how many businesses fail over a five or ten-year timeline. According to the US Bureau of Labor Statistics, an estimated 49.7%, nearly half of all businesses fail in the first five years, and a crushing 65.5% will go by the wayside by the ten-year mark.
The interesting dynamic is that businesses stop growing long before they fail. Stasis is the precursor in almost every case. Businesses stall out before they go under. Why?
According to Dun and Bradstreet, the number one reason businesses fail is ... The Lack of Effective Business Planning. It isn't that business plans typically fail...It's that Businesses Fail to Plan!
We absolutely subscribe to this belief. It's amazing when you think about it, the majority of businesses will not take two weeks, to plan the remaining fifty! However, a great plan is only the beginning if you want to stack the deck in your favor.
To optimize you need to leverage the trifecta of Strategic Success—
Planning, Processes & People!
You must have a well-conceived, comprehensive, attainable business plan. Your mission and strategic intent need to be focused and aligned. You also need the process mechanics to support the plan...and the people power to make it happen. With all three in place, you can lean in and ignite growth!
If you would like to learn how the power of Strategic Reinvention can reignite your business's growth trajectory, contact us for a Free Discovery Call and explore the growth opportunities for your business today! Breakout of the Status Quo and GROW!