BuildBinder Blog

How to learn from failed goals

Every company has its mistakes. After all, they are entities run by humans. Although it might sound cliché, failure is a human trait that helps us learn. However, there might come times when instead of pausing and reflecting upon failure, companies keep doing the exact same things expecting to get different results. And according to Albert Einstein, that is the very definition of insanity. In this article, we talk about how valuable it is to pause and reflect after every project, even if it was a successful one. 

Falling short of business goals is nothing to be ashamed of. It is a great opportunity to reflect, identify mistakes, optimize, and get better results. Take a pause and take the following points into account:

Don't dwell on others' success

Although there is great value in benchmarking, don't spend too much time thinking about why others are succeeding and why you're lagging behind (if that is indeed the case). Focus on your own strengths and identify weaknesses that can be improved. 

Review your costs

Are you really taking into account every cost? Sometimes clients may ask for more than was originally estimated. It's OK to want to accommodate to their needs, however, if this is done frequently and without adjusting your budget, your company can bleed out. 

How are you monitoring performance?

Have you established any KPIs or other ways to measure performance? It's important to establish these metrics before you start a new project. Establish "checkpoints" or due dates along with them. 

Are you choosing the right partners?

Companies may blame their partners for poor performance. However, in this scenario, all parties lose. Not just because you are pointing fingers, but also because there is something wrong about both sides of this partnership. We have talked about the things to look out for when choosing a business partner, which include working culture alignment, transparency, communication, building cross-company teams, and skills. 

Are you taking care of your employees?

There's a saying that goes "People don't quit their jobs, they quit their bosses". If you are looking at a large churn rate, then you should look into your working culture. It's not always about not getting enough compensation. Employees value other things such as loyalty, training, working environment and culture, among others. There are excellent ways to attract new talent and retain them discussed in this article

Are you listening to your customers?

Customers aren't always right, and some of them deserve a contract cancellation if the situation is too extreme. However, this is rarely the case. Open your eyes and ears to whatever feedback they are giving you. "God is in the details", make sure they are well taken care of and that there is ample communication. If your customers feel their expectations are not being met, talk about what those expectations look like and your ability to meet them. 

Once you have answered these questions, start with the low-hanging hanging fruit. Optimize your processes and you will reap the results. 

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