I know we have all heard the phrase "if you fail to plan, you plan to fail". It just automatically comes to mind when thinking of business plans and failure. Learning from failure is probably some of the best learning because it brings "in your face" experience that we probably didn't want but will enrich our future decisions to know better next time. The four stages of the business life cycle includes introduction, growth, maturity, and decline. When maturity is hitting, this is the time to begin to re-strategize about renewing the vitality of the business so that failure is not the end result of decline. "According to Scott Clark of the Puget Sound Business Journal, the majority of the causes can be condensed into three "Ms" of business failure; Money, Management and Marketing" (Holland, 1998). Planning ahead in business and being prepared for failure is one of the best ways to avert it and if we can frame failure as an opportunity to learn then we can more confidently step out to take risks that have the potential for success.
Reference:
Holland, R. (1998). Planning against a business failure. Agricultural Development Center. October 1998. Retrieved October 6, 2008 from http://cpa.utk.edu/pdffiles/adc24.pdf
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