3 Reasons So Many Business Strategies Fail (And How To Succeed), According to the Strategy Hacker
Do you remember when you were introduced to long-division in grade school? You found yourself needing multiple steps to solve a single problem. It probably seemed like a very daunting and impossible task before your math teacher showed you a hack that broke down your seemingly endless series of steps into only a few.
The same can be said about business. Initially, we all have to go through “long-division” level processes, procedures, and series of daily tasks. These might include entering a new marketplace, testing out new messaging and branding, pushing for new profit margins, or onboarding new clients.
But we can convert the long-division within our business into short-division, making our efforts much simpler and more manageable.
How, you may ask? Through the power of strategy.
I’ve had plenty of experience helping companies scale — in fact, I’ve launched over 35 brands and generated over $175 million in revenue for clients worldwide, and I currently host the Webby-nominated top 100 marketing podcast iDigress, which provides actionable insights to help businesses grow.
Here, I’m going to walk you through the three reasons many business strategies fail — and how you can succeed.
Why do so many business strategies fail?
When you have the right business strategy or series of strategies in place working for you, it will have you screaming “I have the power” like He-Man.
But if everyone supposedly has a business strategy in place already, why are 65% of businesses still failing during the first ten years, according to the U.S. Bureau of Labor Statistics?
The culprit for most business strategies failing comes down to the 3 Cs: complexity, confusion, and complications.
They are slowed down by trying to implement complex processes. The roadmap, messaging, and foundation upon which the business strategy is built are confusing. The business can’t act decisively because the strategy is overly complicated.
The three primary reasons your business strategy probably isn’t working:
- It’s undeniably not working for you, but you refuse to change it.
- No one understands it and therefore cannot execute it properly.
- You’re doing a ton of tactics and calling it a “strategy” when it’s not.
So now that we’ve addressed the elephant, how do we get rid of it?
Piece by piece.
There are three components necessary in creating a successful business strategy that can serve as our “short-division” hacks to growing our business: simple, sustainable, and scalable.
We will expand on how to incorporate these three components into developing business strategies that do work while also including episode references throughout from the Strategy Hacker’s podcast iDigress, which is part of the HubSpot Podcast Network.
How to Create a Successful Business Strategy, According to the Strategy Hacker
1. Start simple.
The quickest route to success is a straight line. A straight line, in its purest form, is simple. We must embrace and integrate the power of simplicity within our business …read more
Source:: HubSpot Blog
