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I’ve waxed philosophical here on managerial keys. Understand your economic model. Ponder what might break it. Communicate strategy to every colleague. Do what you say you’re going to do.
That hardly guarantees success. Technology changes. Competitive strategies shift. New products arise. What if your strategy doesn’t work well? First, analyze the situation dispassionately. Is your product wrong? Pricing? Delivery? Second, assess the magnitude. Can you fix it?
If so, fix it. If not, start over. Be honest with your colleagues about what failed. Learn and move forward. Remember the English poet Alexander Pope: “to err is human; to forgive, divine.”
– Kip Caffey, Cary Street Partners