Pin Down the Loopholes of Your Business Downfall with These Strategic Plan



Businesses fail, yes, they do! 

We’re often given different suggestions as to why businesses fail or why they become a success. But most importantly people do not realize this, perhaps, it is not easy to go about a business plan with our eyes wide open. In all honesty, a business strategist for an organization should do in-depth research before they get started with their strategy and planning. 

The more unfamiliar and unaware your territory is, the higher the implementation risk it is for the organization. 

How did your business fail?

You’ll either have two answers to this question. 

Perhaps, first, it was gradually and then suddenly. 

You could quote an example here. In 2008 when the recession hit the market hard, Rogue Specialty Transport did what most of the other businesses would do. They started spreading their business outside their market. 

Their business shipped medical products to hospitals and homes. The products included medicines and equipment. They had everything in place, their shipment timings scheduled, they also had temperature-controlled vehicles to help keep their products fresh and cross-border logistics. 

However, due to the economic downfall, it led Chris Walker, Rogue’s President venture his business into other verticals even without planning a proper strategy framework

How?

He started working harder but forgot to deal in a smarter way

Rogue eventually started to bid on conventional transport businesses that fell outside his area of expertise not realizing it would cause him a huge loss. He had 120 employees who were working hard but there was no development, the growth remained stagnant. 

Walker said, “we were working hard but not very smart.”

The common challenge faced by Walker

It is a common challenge for fast-growing organizations to fall when the economy strikes bad. 

However, the toughest challenge not only lies because of a bad economy but because of the lack of strategic thinking and improper strategy planning.

Small and large businesses can be prone to such business failures. The reason why they need to ensure their business strategist always come up with a new strategic plan. 

Renew focus and renew strategy plan

In the case of Walker, he had called in the BDC Advisory Services during the summer to give him and his team the guidelines about how to create a strategy framework for the next two years. 

Strategizing a new plan and rethinking about how they could go about their business gave him a way out. Walker and his employees worked together to understand the company’s values, their core strength and how they could go about it. 

This included: 
  • Assessing their clients’ needs
  • Reviewing the company’s strengths and weaknesses 
  • And deciding where they could go about in the next two years

After following what was asked of them, they soon realize where the loopholes were. They not only strayed from their core business functions but they also realized how terribly they had gone down in the specialty medicinal niche. 

Walker reached out to the existing customers and asked them for their feedback. Besides doing this, he also made it a point to build his credibility in the existing market by getting multiple quality designations. It was a smart move. 

Rogue had their sales up

Walker said, taking a step back and looking at the factors they missed the first time helped them refocus their energy and resources in areas they were paying off. This acted as an eye-opener in helping them get their focus back in identifying their core strengths along with their values. 

Their new strategy worked. Their sales were up to 20-25% within a span of one year. 

Walker even got the opportunity to add a dozen more employees to the firm. 

What Walker had to say – “When you’re so busy and working so hard, your vision sometimes gets impaired. “It really paid off to step back and remember what got us where we are.”

Strategy planning is not a one-time effort, it begins with deep research and practice. 
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