I leant a crucial lesson, amongst other instructions, from my mother before she died. This critical lesson had guided a lot of my behavior ever since. She taught me that what cannot speak or utter words cannot be wiser than me. This is true in every way. Thus, if the home, company, business, society, country and the world is going wrong and going to fail, look closely at the people in charge. Inanimate objects are subject to human control.
This analogy is crucial to understanding why companies succeed or fail. Basically, businesses fail because human beings fail: There should be “nothing is beyond my control.” What is beyond anyone’s control is insight to deal with existing or emerging problems that may be threatening to overwhelm the business.
With these in mind, let us look at what makes a business succeed and in converse, fail.
a. Strength. Business ought to recognize what they are good at. Upon recognition, they should keep improving and keep adding values to their strength. In other words, businesses should remain focused on their mission and their ultimate destination in vision. If the core of the business is good at making turbo engines, then what is the point attempting to making kitchen wares in the name of diversification when you are very poor at the latter? One must accept that businesses do evolve over time and change is often inevitable
With loss of vision, not knowing what the business is set out to do is a recipe for spectacular failure.
b. Weaknesses. Everyone including a business has some weak-nesses. Whatever has strength will have its Achilles heels: the weak point. The business should continuously assess and appreciate its weak points and make efforts to address it. Is the customer service poor? Are customers turning away because there is no one to talk to other than online, …Continue here..