Moreover, because certainty seems non-existent, a strategy created today may have to change tomorrow. Those who don’t anticipate the possibility of their strategy changing may further jeopardize their ability to produce desired outcomes. The uncertainty of life may also require the initially desired outcomes to change as well.
All this said, I think running a business or service requires a continuous analysis of both the execution and strategy which are components some people and companies overlook and perhaps why most businesses fail.
Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. These statistics haven’t changed much over time, and have been fairly consistent since the 1990s.
Top 6 reasons why businesses fail