It is very disconcerting that with so many businesses being launched every year, very few are structured to thrive, grow and prosper. Never before has there been so much help available for business; the internet is heaving with ‘expert’ advice from success strategies for launching and growing a business, to social media and sales secrets, and much of it is for free.
So why is business not booming? Why do businesses keep failing?
The entrepreneurial spirit, vision and thinking that starts it all is certainly a key component to launching your own business; but ‘just going for it’ is not conducive to becoming a sustainable market place success.
If you do not have all your ducks in a row prior to launching, you will most likely end up with a very expensive hobby, not a business. In the rush to get the business launched, we find that there are many of us who engage in the “Leap of Faith” strategy – we have an idea for a business (and it is usually a viable one), believe that it will make money, and jump head first into launching a business without paying attention to all the red flags waving in our face. Yet, it’s the details that are often overlooked at the pre- launch stage that can cause serious problems later on and will eventually stagnate the business.
For every action, there is a reaction
The “Follow the Herd” crowd are those of us who base everything on ‘what they said’ and are devotees of the popular seminars/ workshops/ blogs that promise us a successful business. Obviously with so many business failing, this strategy is obviously not working. For every action, there is a reaction and since actions are a direct result of the decisions you make, it makes sense to cultivate conscious decision making in your approach prior to launching the business. Conscious decision making in business is crucial to becoming a sustainable business success; it is the difference between a knee jerk response that is unproductive, reactive and can propel you and your business in the wrong direction vs. a conscious decision that is based on focus , clarity and facts and is always aligned with your goals and objectives.
We work with many clients whose businesses are not positioned for growth and who find themselves stuck in the gap between their vision and the reality of the execution. In our experience, this gap is caused by ‘The Lacks’: Lack of strategic direction Lack of differentiation Lack of market alignment Lack of a 360 field of vision Lack of responsibility Lack of positive business results Lack of long term planning Lack of financial controls Lack of exit strategy Lack of risk prevention Lack of Performance Measurement Lack of conscious decision making There is no silver bullet or short cuts to launching, running and growing a business. It would be wonderful to have an answer within the confines of a book, podcast, workshop or seminar.
The tough inconvenient fact is that there is no secret formula or any universal insight that would make a business a success. Building a successful business is complex and, while discipline, dedication, determination and knowledge are essential, the actual process of building a successful business lies in the business owner’s ability to stay on top of market dynamics, both current and future. To achieve this, business owners must possess an in depth understanding of their market and category, products, services, brand, customers, competition operations and financial position. Only when a business is continuously aligned, internally and externally, is it in a position to predict the next moves that are necessary in order for the business to stay relevant and in business.
Perhaps a bit of luck is required as well. Not dumb luck, but the luck that comes with synchronicity.
Author BIO: Luciana loves the excitement of helping clients launch a new product, grow a business and doubling or in some cases tripling their income. In her current role, as Director at FosterPrinciples, Luciana focuses on inspiring and equipping women to take back control of their lives and their business, to thrive and to astound the world with their brilliance. Luciana applies a simple yet powerful approach that generates innovative paths to business growth, wealth creation and actionable positive outcomes for women in business and female entrepreneurs. Luciana believes from overcoming adversity in her own life that ‘Success depends on our ability to reinvent ourselves within the context of those life changing moments’. .