Cultures around the world generally respect their elders as they have the wealth of information with them in their lives. If we were to learn from their experiences, we become wiser than we are now. We can do the same in the area of businesses as well, we can learn from other businesses. There are many case studies shows a series of bad decisions made by businesses. They could lead a company to near bankruptcy, followed by huge success where the business owner makes the decisions; and they learn the lessons and makes the appropriate decisions to shift the company around.
You can save yourself a lot of pain, if you were to read through and learn the stories of such businesses; and what they did to capitalise on opportunities around them and what went wrong.
1. Learn from Other Businesses
The key is to learn from others. Most businesses case studies are written for the benefits of hindsight, where the eventual outcome makes itself for an interesting story.
2. Identify the Similarities to your business.
The key is to identify the symptoms of the business showed prior to its demise and to identify whether your business shows the same symptoms if it does, you can identify them and you know you have to work on them straight away. We all know that as your business grows, if you have identified any of these issues in your business, as your business grows these issues will not disappear. It only makes it bigger.
Successful businesses are able to see issues with foresight.
They’re able to anticipate the problems and will proactively to resolve them. In other words, they try to learn from the mistakes of others. I will share with you how we’re going to do this soon.
So, how do you do it?
The answer is, they do not do it alone.
Successful business people realise that the issues and challenges that come up and are identified their businesses occur on their watch. They realise that there’s a lack, there’s a gap in their ability to identify and sometimes proactively look into and resolve the situation. So what they do is they turn to an expert to help them to identify the potential problems and resolve them before they actually trip out the business.
If you do not know what to do, I would recommend you to get someone who does. Go to someone whom you respect for his business experience and have a chat with them and see whether they can assist you and just give you some general guidelines. Look around your peers in the business environment, but if you do not have anybody to go or you’re not confident that they can assist you in that manner, contact me and we can have a chance and see what we can do together.
I hope that in time, your business story will be used as a positive example of a business that avoided mistakes from which others can learn.
Thank you for watching this video and I hope that you find the information useful.