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Why would you factor failure into your business plan?

| Dec 30, 2018 | Uncategorized |

As you start a business venture, you have high hopes for your future success. You have done your market research, developed your concept and are putting your skills to the test. You may have even patented your product during your early stages of searching for investment dollars. However, some experts suggest that planning for success may be what leads to the demise of your company.

How can focusing on failure help your company grow?

According to a recent CNBC article, Jeff Bezos holds the opinion that Amazon is not immune to failure. Bezos reportedly said that “Amazon is not too big to fail…In fact, I predict one day Amazon will fail. Amazon will go bankrupt.”

It’s an interesting concept, considering the company’s booming business, though you probably used to view Sears, David’s Bridal and Toys R Us in a similar light.

In addition to escalated contract disputes, non-disclosure agreements (NDAs) and intellectual property concerns, there are many disruptions which, if you don’t get help, could cause your company to tumble. Willingness to explore your business’s deficiencies in light of market saturation, logistics and customer demands while you’re starting out or your numbers are healthy may be exactly what you need to continue your growth.

Is your business adaptable?

As many of Amazon’s acquisitions show, at any given time one particular product or service may necessitate change. Take Ring, for example.

With Ring’s security systems, including video doorbells, Amazon’s acquisition helped address the increasing issue of package theft. Through incorporating Ring into its offerings, Amazon may also increase their in-home service options.

For the retailer as well as the startup, adaptability with an estimated $1 Billion price tag may benefit all involved. This is why many successful CEOs advocate for maintaining options for change.

With a flexible mindset, you may be able to save your business from a tumbling economy through merging with another company. Or, depending on the size of your business and cash flow situation, you may be in a position to consider purchasing another company which could complement yours.

Ultimately, exploring your possibilities for failure, along with your willingness to change, may be just what you need to continue to keep your business afloat.