IN ORDER to succeed, it is extremely important that we know the real reason why we fail in our attempt to do something, especially something new or difficult. I suppose like me, you had your fair share of failures in your life already.
Here are some reasons why we fail, specifically in one’s business:
Underestimated. Whether you are a market leader, new entrant or challenger, never underestimate your competitors. And always remember, they have a strong set of minds ready to release new services/products. Sometimes, the next release is something innovative that just beats your standard by a mile. Do not be shy to test different innovations in the market. When you gain the lead, always think that at any moment, any competitor can take away your title as a leader.
Undersupplied. Do you have the capacity to provide the budget or the raw materials you need for your strategy? Sure, taking bold strategies might bring big returns, but are you assured your finances can take a hit when they fail. Will you be able to recover financially should you fail? In making strategies, it is best to create a TOWS (threats, opportunities, weaknesses, strengths) analysis to keep your strategies grounded within your current capacity and within the realm of external factors affecting your industry.
Understaffed. Being understaffed does not always refer to lacking the number of people. It also refers to the lack of collective skills from your people to accomplish the task. Fill all the functions you need to run the business smoothly. Have enough number of people and assign them to the proper designations based on their skills and qualifications. And make sure the work is distributed evenly so your team can do their work without being burned out.
There are a lot of reasons why we fail and sometimes, these are entirely out of our hands. What is important is that we do our best. In the event that we fail, we are prepared and willing to take failure as a learning opportunity to succeed.
To succeed in the workplace is a journey of a hundred miles that begins with a single step: Attend as many training programs as possible, be competent and shoot for excellence, journalize your activities, go to work early, be in good terms with your employer and employees as far as possible. In short, be quick to learn, easy to work with, likeable to many.
Email: dr.nirmla_motoomull@yahoo.com