“Your most unhappy customers are your greatest source of learning.”
~ Bill Gates
Most entrepreneurs and business owners don’t spend enough time strategizing because they spend too much time in meetings discussing how to run the business, and putting out the fires that come up so often.
It’s easier said than done to carve out time in your schedule for strategic thinking and planning, but that’s the nature of entrepreneurship – taking care of today’s business with an eye on the future. Hard to do, but keep in mind that delegating more of the day-to-day operational tasks to your team can free you up to do the strategic work, which may be something that only you can do.
I have to admit, when you show up for work it’s easy to turn your attention first to all of the urgent tasks and demands for your time. Strategic thinking, on the other hand, is one of those activities that time management gurus classify as “Important, but not Urgent” (an example of “urgent” being something you must deal with immediately like an irate customer on the phone).
This means you have to fight for your strategic time, as it’s the process that takes an unfocused business and sets it firmly on the track to success. Block it out on your calendar — each week, schedule time to assess and/or discuss strategy.
Is Your Business at Risk of Failure?
Most businesses fail — they die a premature death. I hate to be so blunt, but this is the truth. The only thing that varies is just how many businesses fail.
What’s the number one cause of this failure?
Well, according to Dun & Bradstreet, the primary cause is lack of strategic planning.
Entrepreneurs and business owners don’t plan to fail. Rather, they fail to plan (which causes them to fail).
Today’s Question: Named for a Greek muse and currently given by the Nielsen Company, what are the awards given to reward creative excellence in advertising and design?
Previous Question: Which American tycoon and publisher of a magazine was known for his lavish lifestyle that included a collection of special shaped hot air balloons?
Answer: Malcolm Forbes.
After dabbling in politics, Malcolm Forbes took over as the publisher of Forbes magazine in 1957, founded by his father.
Under his leadership, the magazine’s circulation grew from 100,000 to 720,000 readers. He also founded a journal for art lovers, had houses all around the world, and was an avid motorcyclist.
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