What is Business Failure?
In business, real failure is not when you don’t hit your margins. It’s not when the money you were supposed to make in one quarter or one month didn’t work out the way you projected. It’s not even when your business completely fails.
Real business failure for any entrepreneur or business leader is the inability for them to be fully cognizant of their absolute highest ability — what they can truly do. CEO’s, presidents, executives, and other leaders must take the time every day to seek out and understand more knowledge. Leaders must truly understand and craft a vision of who they are as people in order to infuse that insight and energy back into the organization so the business can grow.
The inability to follow through on this cognizance mind frame is the biggest factor in business failure.
Day in and day out, companies settle for just hitting their bottom line revenue targets — whether it be $1,000 or $1 million. But in order to be truly successful, that cannot be the focus point. What should be the focus point for businesses is driving the best part of the human being into the depths of the company. Who is behind the company and how do we integrate their attributes into the development and growth of the company? If creativity, innovation and the ability to lead are the strengths and talents that motivate you, how can we translate those talents into a high level of achievement in order to enhance the business?
Business failure has very little to do with revenue goals or target projections. Failure in business is the direct result of not being able to be fully cognizant of your absolute highest ability. Are you researching and understanding every bit of information possible? Is your marketing sufficient and conducive to the people involved with your organization? Does it even align with the mindset that you currently hold? Are you being the best leader? Are you making the organization “human”? When business goals are set up against these fundamentals — and not only external monetary figures — the business is more likely to succeed.
However, asking yourself the tough questions and challenging yourself and your team to become cognitive thinkers is only the first step. What’s next is putting processes and best practices into place to further support the new mindset. It’s important to put an action plan into place in order to ensure the highest level of achievement can be accomplished.
Compaines similar to Cognizance Capital have worked with mid-sized organizations to Fortune 500 companies thus helping propel businesses from $800 million annual revenue to $2 billion based on the premise of cognitive thinking and practices. Behaviours, awareness and shifts in mindset are key to moving any organization forward. We’ve built our business on repeatedly proving that soft skills are a necessary component of hard skills. If embraced and executed, cognitive thinking can be a sturdy partner alongside all the work, tools and strategic thinking that are also necessary for success in business.
If you are an entrepreneurs or business leader reading this article — don’t be afraid to challenge yourself with these questions: Is there anything else I can learn? Is there anything else that I can implement? Is there anything else that I can do that fits within the parameters of our organization to make this company great?
For entrepreneurs, marketing teams, solopreneurs — any business individual looking to sustain an organization — this can be a powerful step forward in cognitive thinking, and ultimately business success.
By: Cognizance Capital Consulting