business

There’s a popular belief that nine out of ten new restaurants fail in the first year. It’s a myth.

A new study by an associate professor of hospitality management at Ohio State has identified a real figure of six. Six out of ten new restaurants fail in the first year. That’s still pretty high mortality, but not out of line with startups in other business categories.

Nevertheless, I think the only business tougher than retail is the restaurant business. There are just so many different reasons why people don’t come back.

Archer>Malmo

A wise marketing professor once said that when things go wrong, more often than not, it isn’t because the strategy was bad; it was because the strategy was executed poorly, or, not at all. In other words, nobody made it happen.

William Bonoma at the Harvard School of Business likened it to war. He said, in effect, without a competent, hard-charging sergeant to drive the squad up the hill, no strategy would work.

Taking Care Of Business

Dec 26, 2012
Christos Georghiou / fotolia.com

An expression I don't hear much any more is, “don't sweat the small stuff,” but I absolutely see demonstrations of it everyday. It means don't worry about the details and concentrate on the “big picture.”

Yet, little matters more than the details, because it is the details that determine the quality of the execution, and most great strategies or plans fail, not because they were bad, but because they were executed poorly. Billions in a retail chain with check-out clerks who don't even look at the customer.

iStock via INC Magazine

Business titles have always been a fascinating topic. They’ve changed dramatically in the last fifty years. 

It is perplexing to see executives and business writers continue to confuse objectives with strategies. And strategies with execution. 

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