Why do smart companies make dumb business decisions? Like you, I have heard many stories of great companies crashing. But why is that?
After 25 years of strategy consulting, I would like to suggest some of the following reasons:
- Companies repeat mistakes
- Work gets duplicated
- Customer relations are strained
- Good ideas don’t get shared
- Competition is around price
- Not keeping up with market leaders or innovators
- Dependence on a few key individuals
- Slow to innovate
- Lack of good market knowledge
People don’t choose for good things to go bad – just as executives don’t choose strategies that fail.
Bottom line I think, is that people in business aren’t finding the insights they need to improve their decision-making, aren’t sharing it around if they do know something, aren’t keeping it refreshed and up to date, nor even using it.
All of this has real business consequences.
What do you think you could do differently this month to improve the quality of your decisions?
Get in touch to find out how MindShifts® can help you make better business decisions.