Why 85% of business improvement strategies fail!
The internet has caused an explosion of knowledge or the availability of knowledge. This has caused people to continually search for something new to help them. This is obvious with diets. Although there is already a large amount of information on dieting, people are always looking for that new improved diet to help them lose weight.
I have found the same thing happens with people managing a business. They are always after the latest product that will give their business the edge. I have experienced this a number of times over the past few months. I receive comments about how my presentation or e-book has nothing new in it.
Although there is nothing wrong with trying to continually improve your business, research shows that around 85% (just like the weight loss industry) of new business management products add no value to a business except to the person selling the product. However, we keep trying to find that silver bullet to our business the edge.
I am not saying these new management theories or products are bad or don’t work. Many will work in the right environment. However, many businesses haven’t mastered the basic principles needed. Those old pieces of wisdom that haven’t changed in years.
The formula for gravity hasn’t changed over the years. NASA has to get this formula right before trying any of its new technology when launching a space shuttle or the shuttle will come crashing back to earth. The same principle applies to business. If you don’t understand the critical numbers and how they affect your business then any gains from new management theories will be short lived.
Before trying to find the latest and greatest product to help your business make sure you have the old tried and tested basics in place.