Breaking Failure: How to Break the Cycle of Business Failure and Underperformance Using Root Cause, Failure Mode and Effects Analysis, and an Early Warning System

2. Don’t Start Off on the Wrong Foot

“If I had an hour to solve a problem, I’d spend 55 minutes thinking about the problem and 5 minutes thinking about solutions.”

—Albert Einstein

Most competent managers follow best practices when launching a new product or service, including the market research, forecasting, segmentation, prototypes, and, if applicable, the Stage-Gate process, to name but a few. The same diligence applies to management when considering merging or acquiring a new business, the Marketing or Advertising department running a campaign, the Finance department when suggesting new investment options, or sales managers prospecting for new customers.

In all these cases, however, the most important step is frequently skipped, an omission ...