Failure EQUALS Growth

by | Mar 4, 2021 | 0 comments

4M Performance

Failure from doing something that didn’t work out or not doing something that should have been done or just plain making a dumb decision does have a bright side – it makes you Grow. Failure makes you a better decision-maker and better manager/business operator. Failure = Growth.

Entrepreneurs are noted for not having great people skills. Idea and conception are one thing, implementation and day-to-day management are another. Regardless, one must strive to minimize failure as you grow your business and develop its culture. Here are some thoughts:

 1. Keep in mind that you can be a good company and a good business – there is a difference.

2. Be as open-source as possible and have it become part of the company culture.

3.  Use metrics. If you don’t measure things, you can’t improve them.

4.  Have weekly staff meetings, call them ‘State of the House‘ meetings. It is critical that all staff are familiar with all aspects of the business.

 5. Good people are the key to success. Skills can be taught. Employee experience must be a management priority.

6. Traveling takes too much time, use the internet for customer contact. If the pandemic taught us one thing it was business online is normal.

7. Learn to say NO. It’s not about what you can do, it’s more about what you will not do.

8. Protect your Brand at all costs.

9. The office and location do not make the business you can work from anywhere.

Follow these rules and you will find that your failures will diminish or be less severe. On average, 50% of all decisions related to the business are wrong. This statistic goes from the largest corporations to the smallest of Mon & Pop operations. Just make sure you grow from your failures and mistakes.

 

By Jim Lavorato

Jim Lavorato is the founder of 4M Performance which is designed to assist businesses to survive and thrive in these uncertain times. Jim launched an entertainment-related company in 1988. He was at the forefront in cinema technology and helped spearhead the movie industry's transition to digital presentation and distribution. He also co-founded the Arboreal Group, an environmental consultancy. He has published articles on the motion picture and media industries and is a contributing editor for ScreenTrade magazine and writes a blog "Cinema Mucho Gusto". He is a certified SCORE Mentor in the SCORE Greater Phoenix Chapter and lives in Scottsdale, AZ. Learn more about Jim in his "About" page.

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