Failing is one of the most important things for your business. You need to learn from your mistakes, and without them, you would never be able to move forward. However, failing is just as important for your employees. They need to learn how to deal with failure and learn how they can prevent it in the future. It's an unfortunate fact that there are still many people who are afraid of failure; you might even be one of them. But if you want to succeed, you need to get over it.
You’ve probably already heard the phrase, “Fail early, fail often.” It’s one of those pieces of advice that seems counterintuitive because most people think they’ll only succeed if they don’t fail. But that’s not true. Every failure you have teaches you what not to do. Single-Piece Pivot Tables I once had a client who had an inventory that was out of stock due to a bad draw for a wool product. He had used this inventory before and when he learned that there was an error, he was extremely upset — after all, he was counting on selling this product. We decided to show him the error (I didn't even show the actual drawing of it to him) so that he could make the necessary fix. This is a photo of that inventory with the new parameters.
1. Poor User Experience. When people are trying to use your technology, if it doesn’t work or if it’s confusing people will either not use it or use it once and never again. This is the number one reason for technology fails.
2. The technology doesn’t work. They can tell if the technology works, but no one uses it.
3. The tech doesn’t scale. The most common tech blunders that we see companies facing are when they fail to scale the way they should. You see this the most among B2B companies and when it comes to SaaS companies, it’s common for them to either fail to scale or produce no results when compared against their historical data.
4. The technology is not viable. Something requires a lot of money and resources to scale, so you can’t do it alone.
5. Multi-lingual. The tech is the same for everyone so there are no linguistic differences or differences when writing programs.
6. The business doesn’t have the opportunity to scale. If the technology that you plan to use isn’t viable, or is too expensive, there is no one to sell it to. These are companies that have done ok with tech in the past, but have experienced a low success rate and lack the resources to expand quickly and scale. It's not that the companies don't have the opportunity to grow; they just didn't know how to take advantage of it.
The most famous example of a company using tech as a tool to strategically destroy their competitors and prevent them from growing is Apple. The reason why Apple is the most famous company in tech is due to the multi-billion dollar acquisitions they have done over the years. Eventually, these companies figured out how to use tech strategically and use it to their advantage. I. Know your competitors and base your marketing strategy around them. This might sound a little general, but taking into account your competition is the best way to know how to measure your growth.
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