What Can New Businesses Do To Succeed?

Step 1 - Quality Execution

It is often the case that so much effort is spent on the business planning and the “big idea” that we forget that there has to be a stage where we actually put things into action. My 20+ years of consulting convinces me that most strategies fail because of poor implementation. When you're the owner, the only place you should point fingers is at the mirror.

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Crisp execution—rather than a clever idea—is vital to the success of new businesses. Conversely it stands to reason, therefore, that poor execution is the downfall of most start up failures. There are several ways you can avoid execution failure. First, you should conduct an honest evaluation of your skills and only pursue opportunities that are aligned with your strengths, or the strengths of your team.

Entrepreneurs can get very blinkered and in some instances become very autocratic in attempts to steer their own course with scant regard for other valuable input.

It is wise to surround yourself with talented people who aren't afraid to speak up if you suddenly find that you're headed off a cliff.

So you have the components of Leadership (which is not the same as being a dictator!) and great communication throughout the organization. You company is like an organism, so the main objectives have to be that all of the pieces contribute and function in a healthy manner

Companies with inept leadership usually fail in the first year or two, but even established companies can stumble badly when they outgrow the capabilities of the founding team. As a founder, you need the discipline to know when to hand over the reigns to a professional manager who can take your business to the next level, freeing you up to become the major source of vision and innovation, not the daily grind!

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