Is it time to fail?
As the old adage goes, "failure is not an option." However, in today's fast-paced business environment, this couldn't be further from the truth. The reality is that failure is not only inevitable, but it can also be a catalyst for growth and innovation. Implementing a failing forward strategy in a business can not only help mitigate risks, but it can also lead to significant benefits. In this article, we will explore why implementing a failing forward strategy is not only a great strategy to employ but also one that is needed for a high performance team.
Encourages Risk-Taking: Implementing a failing forward strategy encourages employees to take risks and try new things. In a culture where failure is accepted, employees are more likely to be innovative and come up with new ideas. Research shows that organizations that encourage risk-taking and experimentation are more likely to be successful in the long run. [1]
Increases Resilience: When employees are allowed to fail and learn from their mistakes, they become more resilient. They are better equipped to handle challenges and setbacks, which is critical in today's rapidly changing business environment. According to a study by the Harvard Business Review, resilient companies are more likely to succeed in the long run, even during times of economic downturn. [2]
Fosters Learning and Development: Failing forward encourages employees to learn from their failures and use those lessons to improve. When mistakes are seen as opportunities for growth, employees are more likely to take ownership of their work and develop new skills. This can lead to increased job satisfaction, employee retention, and overall business success. [3]
Mitigates Risks: Implementing a failing forward strategy can also help mitigate risks. By encouraging employees to experiment and fail in a safe environment, businesses can identify potential issues before they become major problems. This can lead to significant cost savings and help businesses stay ahead of their competition. [4]
One of my favourite anecdotes is taken from a completely different field. It comes from David Bayles Art and Fear. A ceramic art class is divided into two, Team A is told that they will be graded on the number of pieces they make and Team B is told they will be graded on the quality of one piece. Team B spent notably longer crafting one piece of work but they were completely outdone by Team A in both quality and quantity. This is because Team A continued to iterate and implement their learnings into new pieces. The creativity and skill exploded and as a result, they had a significantly better result.
The more you do, the more you fail. The more you fail, the more you learn. The more you learn, the better you get. - John Maxwell
Implementing a failing forward strategy is good for a business because it encourages risk-taking, increases resilience, fosters learning and development, and mitigates risks. It is important for business leaders to create a culture that accepts failure as a necessary part of the learning process. By doing so, businesses can create an environment that promotes innovation, growth, and long-term success.
Obviously, there are a few caveats when it comes to implementing this type of strategy or way of thinking, but the main one falls on the manager. As a manager you have to be able to not only provide the environment in which they can practice this failing mentality but also make sure that whatever projects, campaigns, ideas etc are properly vetted to ensure it doesn’t pose a substantial financial risk to the company. Quite the tricky line to walk but one that we know how to guide you on.
References:
"The Benefits of Encouraging Risk-Taking in Your Business." Forbes, 2020. https://www.forbes.com/sites/forbestechcouncil/2020/06/17/the-benefits-of-encouraging-risk-taking-in-your-business/?sh=6fbc9d7964d1
"Building Resilience." Harvard Business Review, 2020. https://hbr.org/2020/07/building-resilience
"Failing Forward: Turning Mistakes into Stepping Stones for Success." Inc.com, 2019. https://www.inc.com/marcel-schwantes/failing-forward-turning-mistakes-into-stepping-stones-for-success.html
"The Benefits of a 'Fail Forward' Culture." Entrepreneur, 2019. https://www.entrepreneur.com/article/337764