Business is all about success. You look for new successful ideas and products. You devise marketing plans hoping they are successful. You make your website faster hoping for more successful transactions.
It is clear to most of us that success is often a minority result buried in piles of failure. That’s OK (and accurate) but that doesn’t mean we should seek out failure as a way to stimulate success. If we can avoid failure, we should avoid it.
Below are three significant ways I feel every small business executive can improve their odds at avoiding failure.
Always keep tabs on your competition: Your enemies should be kept close is a saying that’s not exactly an ancient proverb, but it shouldn’t be understated, either. Understanding what your competition is doing to succeed and fail can help your company stay on top of which agenda items you should hold near and dear. The fact is, innovation is rarely super unique. You can learn a lot by watching others.
Be able to quickly assess your risk versus reward scenario: Running a small business means constantly being challenged with new ideas. New ideas are a big part of expansion, growth and failure-avoidance. With any new idea, the largest challenge is figuring out whether or not to invest it in; deploy development; partner up for it. And the only way to figure out these looming inquisitions is to be able to quickly apply risk versus reward scenarios. Refine this skill and quickly reap the benefits of new found successes and failure avoidances.
Enhance focus by any and all means: Our world is laden with distracting trifles. Our Facebook feeds viewed quickly on our smartphones, text messages, phone calls and emails, all contribute to time waste. They also break up focus. Put specific time aside during the day solely intended for work related projects. Turn the smart phone upside down, logout of email, shut off the ringer: this will help you fire on all cylinders creatively speaking. This will also make your “downtime” on Facebook a lot more enjoyable, knowing you’ve accomplished priorities already.
In the end, you should never get so caught up in avoiding failure that you become afraid of it. Success means not being afraid to fail. But when you can avoid it, it can only benefit you.