Building a brand is much more than just starting a business. You create the identity, the mission, put a lot of work to bring your vision to life. No matter how big or small your business is, whether you are a CEO of a major organization or the owner of a small boutique in a little town, there is one rule that runs for all: a transformation is necessary from time to time.
Every business is subjected to challenges that can lead to failure. Every organization can fall into mistakes that can have a small or more significant impact. But how can your business and your brand survive during these rough times? How can you succeed in business and life?
In fact, research has shown that 50% of new businesses fail within the first year, and 80% fail in the first five years.
Does that mean you have to start all over every time? Absolutely not! You need to be aware of the market transformations for your business and brand to always be on top of all the modern innovations in business thought and technology.
Many well-known entrepreneurs have failed their businesses before starting all over. Henry Ford, as an example, failed twice in business before he finally built the Ford Motor Company; and became one of the richest men in the world.
“Failure is just a resting place. It is an opportunity to begin again more intelligently.” Henry Ford.
Some reasons businesses fail
With the complexity of business failure in mind, here are some of the commonly listed reasons why businesses fail:
- 82% experience cash flow problems.
- 42% find that there is an insufficient need for their product or service.
- 29% run out of cash.
- 23% do not have the right team.
- 19% are out-competed.
That is why knowing your market, know your clients, and what they want is crucial to continue transforming your business and your brand from time to time. It is not uncommon for companies to discontinue products that consumers do not want anymore and bring up new and refreshing ideas—Developing and Innovation are words to keep in your business lesson notebook.
3 Ingredients to Business Transformation
Is it time for a complete business transformation? Great! Take it as an opportunity to learn from past mistakes and improve what was already great to make it better. Turn your “should” into “musts,” leave the fear of failure behind, and reconnect with your growth mindset.
- Revisit Your “Why”
What drives you to your business? Why did you start it? Are you doing for the right reasons? No matter how great your business is, if you focus on the final destination without planning the steps to get there, you are not doing the right way. In order to grow your business or in your career, you need to focus on the journey. Do not forget to update your resume, keeping it always fresh in case of new opportunities knock on your door.
- Reconnect With Your Clients
Are you staying in touch with past clients? Following up on social media? Restart your business and reconnect with your clients. Keep them informed about all the exciting changes that are coming up. Use social media as your golden channel to listen to what your clients want to say and keep the communication flowing.
Do not forget about yourself. You need to take time for your own mental rest to successfully continue to thrive in your career and grow your business. Balance is one of the most critical elements in this equation.
The Bottom Line
Respect yourself and your industry. No matter how unmotivated you feel, transformation can be very positive if you take the proper steps. Remember to try to live a balanced life and help your local community. When you find joy in your personal life, you most likely will bring that to the other areas of your life.
Written with the 2021 Olympics and Post Covid-19 in mind, Eric Bailey does share not only his personal stories but also his strategies and tools to help us all thrive in our lives, Going for Gold. Click on the link for your playbook to win the Gold…And Live Your Personal Best.
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