Making mistakes is part of running a business. Coming up with ideas and goals is easy. Executing and getting your team to perform is hard while hitting targets can seem almost impossible. Good intentions are important however great results are what matter. Having a long term strategy with short term milestones can be one of the simplest methods you can use to move your business forward. Sometimes short term misses can help you realign your business for long term hits.
Imagine your stock price dropping 19%. Imagine not having a plan for turning things around. That pretty much sums up the recent news from Bed Bath & Beyond. The struggles faced by Bed Bath & Beyond include other retailers having better and faster delivery services as well as strong e-commerce platforms that are giving customers a better experience. There is some work to be done to make adjustments to their product offering that will help them be competitive. Not all of the news is bad however. Instead of closing a scheduled 60 locations, Bed Bath & Beyond has decided to hold off while it realigns its strategic plan for 2020. Instead of making the losses worse, Bed Bath and Beyond is looking to focus on long term stability.
Are you in the middle of making mistakes or making up for mistakes? Take heart. This isn’t the time to fall down and think the worst of yourself and your business. This is the time to take stock of where you are (honestly) and to take inventory of what you have to work with. You may think you don’t have much but you probably have more than you know and can probably generate a better result if you are prepared to change your perspective. Think long term while executing on smaller short term tactics that over time will add up to great results.