Analyzing Failures Are As Important As Analyzing Successes
In the hope of learning from mistakes and avoiding them in the future, some business owners go to great lengths to analyze their mistakes and failures. Analyzing successes and innovations are just as important.
In the hope of learning from mistakes and avoiding them in the future, some business owners go to great lengths to analyze their mistakes and failures. Analyzing successes and innovations are just as important. It allows a business to zero in on things that it did right. It builds on strengths to maximize future profitability and growth.
When you find the reasons for success of an endeavor, they can spotlight a company’s most fundamental strengths. For instance:
- Maybe a team, individual or department is recognized as highly effective.
- Maybe the marketing / sales methods of a project were right on the money.
- It could have been that the projected timelines of a project/ endeavor were accurate, which allowed for optimal usage of financing, purchasing, assignment of employees or other factors.
The causes of success can be as varied as the causes of failures. Every project constitutes a series of decisions and actions based on those decisions. Most of the time projects involve an intricate interaction of many components, each one can be analyzed and noted as the basis for successful operations.
If you are a small business or you may have many employees, the process of analyzing projects is essentially the same. The following checklist can serve as a starting point to analyze & determine the reasons of a successful project.
1. Overall project management from beginning to end.
2. Definition of overall project goals.
3. Estimation of budget and time requirements
4. Cooperation and communication between management, departments and individuals.
5. Having an accurate definition and monitoring benchmarks of progress throughout the project. (enable timely changes during implementation)
6. Ability to handle to unexpected setbacks during the project.
7. Use of equipment
8. Identify random, unexpected problems in a timely manner.
9. Coordination of marketing, production, sales, delivery, financing throughout the project, as defined by the initial overall plan.
10.Training of sales staff or individuals involved in warranty work.
Those were just a few examples to analyze and there could be many more when analyzing your business or project successes. Also ask these questions:
- If the project was a success, could it have been more successful overall ?
- Could any of the factors mentioned above have been handled better ?
If everyone that is involved can agree on the end goals and have everything in order to start with, in the end the project can be viewed as a project success. A projects success can represent a company’s attempt to establish a competitive advantage & profit from the improvement.
Use multiple progress check points, set clear & achievable deadlines to ensure success. A clear vision & understanding of what must be done, provides the road map for project activities and identifies if the project is ahead or behind schedule.
Ignoring administrative steps or efforts creates a chance to miss milestones in the plan.
Sometimes there are one or two aspects that were performed correctly & contributed the most to success. They vary from one project to the next because each project has its own goals, parameters, timeline and personnel involved. By pinpointing these strengths will enable them to be more effectively brought into play for the next project.
Learn more about the author, Renee C..
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