Why some fail where others succeed…

With so much change at the moment there are unfortunately a lot of businesses that are struggling, and it is sad to say failing.

While this is not necessarily the case for you or for health care businesses, in fact I think we are on the cusp of an explosion in alternative health care. It is something we should be cognizant of and see where we can learn.

Therefore, this week I wanted to look at why some businesses fail where others thrive. The first misconception to get out the way from the off is the notion that success or failure is an instantaneous thing that just happens. It is not, it is the product of time and effort.

That said, why do some fail?

I think it all boils down to two main factors. Its not the idea, its not the investment or charisma. It is really a lot simpler than that and the great news is, exactly what causes people to fail, the opposite is exactly what causes others to succeed.

1.       Learning from mistakes.
Or the reason for failing; not learning from mistakes. You see mistakes are the key to success they are like way points of a map or route guidance, the show us where to and where not to go. And these don’t have to be catastrophic errors, they can be simple ‘grumbles’ from customers, overpaying for orders, hiring at the wrong time, investing your energy in the front end of the business while neglecting the back end.
If you do not have a system in place to watch out for your errors, then they will catch up on you.
I like to call this the ‘blind spots’. Are you checking for mistakes, are you meeting on a weekly basis, even if it is just with yourself? And most importantly are you being honest with yourself to admit error, learn, and correct?
Learn from your mistakes, remember your business exists to solve a problem for your customer and you will go far.

2.       Not giving up.
This is a simple notion but too often people can’t take the heat of business, don’t quite anticipate the 24/7 effort it takes and give up.
Know that it does get easier. Spoiler Alert. It get’s easier for periods of time, then it gets hard again. It is a tough thing to do running a business but get it right and it is so rewarding.
And giving up too soon does not necessarily mean giving up on the whole business, it could be a new product line, a different service, a change in operating procedures. All of which, if you stuck with, could have opened up opportunity.
So when you choose to do something, so long as you are learning from mistakes, make sure you make the commitment with yourself to stick at it.

And while times remain turbulent, it is important to know these areas, not succumb to the pressures. Focus on solving those problems your customers have, solve them better than anyone else out there. Become the best, stay in the game for the longest, be smart and learn. That way, you will win.

With love

Tom