Why do businesses fail? - You'll be alarmed to see why...

Recently, I took some time to work ON my business - at the suggestion of my Business Coach. (Thanks Ken!)  Strategic Thinking (not planning, but thinking)...so, I did a bit of research to be fully prepared for my assignment. What I found out was alarming, sad and yet encouraging. 

I read a Harvard Business Review which I will quote here:

"Recent research by authors Carroll and Mui underscore the importance of strategic
thinking at the organizational level as well. The authors studied 750 bankruptcies of
companies with at least $500 million in assets in the last quarter before bankruptcy from
1981 – 2005. Analysis revealed that the #1 cause of bankruptcy in nearly 50% of the
cases was bad strategy. In most instances, the avoidable situations resulted from poor
initial strategies and not incompetent execution. If the leaders at the various levels of
your organization can’t think strategically today, you may not have a business tomorrow."

I was alarmed. Are you alarmed? If you do not take time away from the day to day operations IN your business to work ON your business, you may be walking the same path as these 750 bankrupt companies.

I was also sad. How many of these 750 businesses might still be in business today if they had just taken some brief time to think strategically about the future of their business?  I don't want you to miss that opportunity!

However, there is good news. You can LEARN how to be a strategic thinker. I did. Off all the skills that are required to run your business...this is a pretty easy one to accomplish...IF you will take the time to learn it and apply it!

Want some help? I'd love to help you learn to think strategically!