Benchmark Business Group

Epic Fails: Failing to React

March 25, 2014

In the past month, we've looked at three recent epic fails in the world of business.  We looked at the outrage McDonalds faced when their employee tips didn't add up.  We looked at how JCPenny's customers deserted the company when they tried to shake up the retail world.  And finally we looked at how the media had a field day with the hashtag #SochiProblems during the winter Olympics.

With each Epic Fail, you might have noticed that what created an EPIC fail rather than just a failure was the failure to react.  McDonald's had three ill-advised tips go out and a lot of negative press before pulling the plug on McResources.  JCPenny's watched sales plummet for months before changing it's strategy.   And Sochi Problems went viral for days before a response was attempted.

The true lesson is that all businesses will make mistakes along the way, but you have to react quickly and operate without blinders to avoid the Epic Fails.
 
Quote: "Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations. " - Steve Jobs

Question:  What processes does your business need in place to make sure your innovations are not leading to an Epic Fail? 
 
 
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