We asked seven BAM mentors to share the reasons for BAMer attrition that they most commonly see. By attrition we mean negative factors that erode a BAMers ability to stay in their job and thus cause them to leave their location or their company – these could be gradual or cataclysmic.
Here are the top four factors the BAM mentors shared and some observations about each one:
1. Commercial failure
As expected, the most commonly cited factor was commercial failure. This covered a very broad area, but there were two strong themes within this category: money and market.
“Money” included both inadequate capitalisation and lack of financial control leading to cashflow problems. “Market” included lack of adequate business planning to determine whether there is a market for the product or service, and lack of ability to pivot to changes in the market.
Sometimes it’s a failure to do suitable and effective research and planning. Is there a need for the product or service? Simple as that. – DS
I’ve got a couple of businesses that are hanging on by the skin of their teeth, and I think it’s problematic. And, in these instances, because they aren’t the type of owners who are the typical risk takers, they don’t make decisions to change their business model easily. – NH Read more