The Baron Series
Assess and Correct
In order to correct our missteps, it is of paramount importance that we understand the root cause of our failures. Determine if the basis was flawed planning, faulty execution, or competitive pressure. When you understand the cause, it becomes much easier to design an effective countermeasure.
Look for the Message or Meaning in Failure
Through change, disappointment, and failure, there is a message being communicated; a weakness that is being brought to your attention. Failure is one of life’s most valuable teachers. It will redirect your course to more favorable paths.
Change Direction
With your analysis, determine if your failure was based on an improper course. Don’t let your ego blind you to the fact that you may need a new plan. Failure often reveals subtle details that can lead you to enormous success on your subsequent attempts. It may be appropriate to change direction. Look for the lessons revealed in your efforts, whether they are success or failure. Evaluate your method to determine if it is still the most logical course of action.
Compare Yourself to Successful Organizations and People
Seek to identify and adopt the best practices of the most successful organizations and people. By modeling their behaviors, strategies, and tactics, you follow a proven roadmap to success. Also presented is the opportunity to improve upon methods to uncover breakthroughs that can help you dominate in your field.
Consult with Experts
Another surefire way to get back on track is to consult with experts in the field. They can give you insights into areas you might have overlooked. Seek professionals who can help you identify and improve the areas that most directly impact your success. The benefits will far outweigh the costs.
Form Strategic Partnerships
A smart way to recover from setbacks and position yourself for future accomplishment is to form strategic partnerships. The right partnership will create a synergy that will multiply the return for all parties involved. One of the key factors to look for in a partnership is someone that compliments you and your organization, whose strengths are your weaknesses, particularly in the areas of your life and business that have the greatest impact. By forming such partnerships you will see immediate returns because you have aligned yourself with experts; the development time will be much shorter.
Think bigger
Often times we miss opportunities because our thinking is too narrow. Fortune favors the bold; think large, be decisive. Thinking big will put you in contact with different types of people that agree with your way of thinking. The relationships you forge are a direct reflection of your mentality. Thinking on a larger scale will create a different level of interest in your project. Many times it can be easier to raise ten million dollars in funding than one million.
Focus
Opportunities also exist in a narrow scope. To make advancements, consider the archer’s concentration. By concentrating on fewer, but key areas, you can thrive in the midst of change, disappointment, or failure. Evaluate the areas of your life or business that have the greatest impact on your success and direct your focus there.
Get More Knowledge/Education/Retrain
There will be times where you realize your skill set or the skill set of your staff is insufficient to meet the competitive demands of your field. Therefore, it is imperative that you constantly look for opportunities to keep your skills updated. In your pursuit, determine if your lack of knowledge was a contributing factor to your lack of success. If you don’t update your skills, you will find failure at your doorstep. Others in the market place are constantly improving; you must do the same if you expect to effectively compete.
- Vicky Therese Davis, William R. Patterson, and D. Marques Patton are co-authors of the acclaimed business and personal finance National Bestseller, The Baron Son: Vade Mecum 7.
- Vicky Davis is Founder and Chief Executive Officer of Indulgence Jewelry Corp.
- William Patterson is Chairman and Chief Executive Officer of The Warcoffer Capital Group, LLC. D.
- Marques Patton is President and Chief Operating Officer of The Warcoffer Capital group, LLC.
- For more information, visit www.baronseries.com.
