Tanya Long, Human Capital Executive, Argility. 9 out of 10 businesses fail. What’s the formula then for success?
This is the last in our series on what the formula for success is in businesses. In previous articles we have covered:
1. Right Product for the Right Market
2. Pay Attention to Everything
3. Focus on Growth
The #4 key success factor: Resilience and the Ability to Recover
We all know that things go wrong and there are times when even the expression ‘pear-shaped’ will not do the situation justice.
It’s not only about having courage and facing the music, but about being resilient and versatile. Versatility doesn’t only relate to skillsets and systems within your business but also to the mindset. This will get you through tough times. Drawing upon your current support systems and partnering with suppliers who can provide different solutions and give options makes this so much easier.
The thing to keep in mind is – To Ask.
You’d be surprised by the insight and knowledge of the people within your business and your network. Once again we come back to the concept of ‘working smart’ by exploring options and possibilities and having a versatile team who is open to change (always underpinned by building a culture of accountability within your business).
When confronted with this, the best approach is to:
– Focus on the facts with a view on how to go forward
– Don’t ask why – rather ask “What can we learn from this and how can we do it differently?”
– How can we do this better? More effectively? Smarter?
– What do we need to cut or add to this process?
– Get inputs from different sources. There’s a famous quote from Einstein which says: ‘We cannot solve problems with the same kind of thinking that created it’
– Listen and most importantly take action
Resilience is “About how hard you get hit, and keep moving forward” (Rocky Balboa). A team that is able to recover together also has the ability to evolve and be able to work harmoniously together through tough times.
Sure there are success stories, which are a product of luck. However, there are far more businesses which attribute their success to being smart and hard work. Those are the ones that have a product that meets their markets need, they pay attention to every aspect of their business, they focus on continuous growth and they recover quickly from the hard knocks of the retailing life. If you focus on these four factors, you’re sure to enjoy the sweet taste of success.
Tanya Long, Human Capital Executive, Argility
Tanya Long is a Qualified Performance and Business coach, with over 25 years’ experience in Software Development for Retailers. The fusion of her retail, software and coaching knowledge is used by many to uplift businesses, entrepreneurs and individuals in achieving the results that they desire. She currently serves as Human Capital Executive for Argility and works with various organisations to design and implement their Culture Strategy aligned to enhancing their Employee Engagement to drive business results.