Any manager can face the risk of failure. Whether it is poor planning, tough competition or other reasons, managers face that that gamble every single day.
However, there are common issues that cause a multitude of managers to fail.
Had they been prevented, it is likely that those managers would be thriving today. Therefore, managers should keep the following three items in the their minds at all times to prevent their performance from dropping.
Not Innovating – Innovation today is happening faster than ever. Technology is changing almost at the speed of light, and, because of that, other services and products are constantly being updated. Not having foresight to change with the time is one of the biggest reasons that managers fail. For example, the movie rental giant, Blockbuster, closed its doors in 2013.
Having over 500 stores in UK alone, not accounting for the rest all over the world, was not enough to let the business persevere. When new video rental services started mailing DVDs to homes and offering streaming services through the Internet, Blockbuster could not keep up, soon declaring bankruptcy. Therefore, it is imperative to always think ahead and keep up with the competition.
Poor Leadership – An organisation can come out with the most exciting products or offer the best services, however that is not enough to run a successful business. Many firms fail simply because of poor leadership.
Not having a vision and creating a plan for expansion that corresponds to the demand of the business offerings is usually to blame. It is vital to have a short term and a long term strategy, and to keep yourself qualified as a manager at the right time to keep up the momentum of the success going.
Poor Marketing – Another reason that some managers don’t make it is due to a lack of marketing strategy. In today’s world, being able to market a product is key to the firm’s success. News about the product must reach its target audience, and should sell them on the necessity of the item.
In most cases, a good marketing tactic should lure the clients back in to become lifelong customers. However, this doesn’t always work. With a bit more marketing awareness, managers can foresee where the strategy is going wrong.
There are various reasons why a manager may fail; whether it is due to not being able to innovate and keep up with the times, poor leadership or poor marketing, being able to plan ahead to prevent these mishaps is crucial to your firm’s success.