Why Startups Fail: Everything You Need to Know

December 8, 2021 - 10 min read

Kelechi Udoagwu

You may have heard the popular statistic, "90% of startups fail, 10% in their first year." You may have also heard that the best way to build wealth is to venture into business — in other words, set up a startup.

What is a startup business, and how can you ensure you're in the lucky 10% of startups who go on to be successful? This article discusses why startups fail and how you can build your startup the right way using Wrike.

What is a startup business?

Startups are companies in their initial stages of operations. They are founded by entrepreneurs who believe they've created a product that addresses a need in the market. Not every startup makes revenue right away, so appealing to startup investors and venture capitalists is crucial to sustaining their journey.

Why do startup businesses experience problems?

Launching a business is exciting, but most first-time entrepreneurs have no idea of the challenges that lie ahead. Building a business requires resilience, clarity of purpose, the ability to inspire and persuade others about your vision, and expanding your knowledge about your field to stay ahead of market trends and innovations.

Startups experience problems for many reasons. It could be company culture issues, a lack of product-market fit, or unique problems entrepreneurs face in a specific industry or region.

A company is most vulnerable at its beginning. Early-stage startup founders must be able to juggle many deals, teams, and targets while keeping customers, startup investors, and other stakeholders happy.

Disorganized or unprepared founders may find themselves unable to cope. To avoid such a situation, we compiled a list of the ten most common reasons why startups fail.

The main reasons why startups fail

There are many reasons why startups fail. The most recurring startup problems are:

Lack of market

Just because an entrepreneur finds a problem interesting does not mean there's a market need for a solution. In a recent survey, CB Insights analyzed 110 failed startups and found that the number one reason most startups fail is that they build for small or non-existent markets.

This happens easily to entrepreneurs who work in isolation or, on the flip side, rely on their friends and family to validate and buy their products. Conducting extensive market research is crucial for startups to succeed. You must be certain there is indeed a market for your products to support your business.

No resources

With most new startups, there are typically limited funds to build a team and execute their vision. Founders who bootstrap their startups must become creative in how they execute their goals, whether it's in how they market the product, gain the attention of the press and public, or build a brand reputation in today's competitive business landscape.

Learning to allocate funds to the activities with the most ROI is vital. It saves the limited startup resources and forces the team to build only features and services that benefit the customers.

Not working with the right people

Finding the right people plays a huge role in a startup's success. The right team isn't limited to just founders and employees, but also startup investors, advisors, and partners.

The right team increases the chances of startup success. Employees should believe in and care about the company's vision and reputation, and in turn, founders and companies must create work environments that bring out the best in people. Let go of employees and team members who do not align with company values. True innovation, adaptation, and execution can only come about when there is trust and team harmony.

At the same time, founders and managers must instill faith in the company’s investors and shareholders. Startup investors need to perceive the team's passion and see progress and follow-through on the business goals.

The market is too competitive

Competition is what capitalism is about. It helps reduce prices for the customers while also allowing the best products to rise to the top. Although competition is expected in any industry and at any stage of a company's life cycle, it is even more acute at the beginning.

Without a clear differentiating factor, startups can find it challenging to grow, as the cost of acquisition for each customer (CAC) may become too high to sustain in the long run. While obsessing over the competition is not the best way to spend work hours, ignoring their activities isn't either. According to research by CB Insights, this is the reason for 20% of startup failures.

A flawed pricing model

A flawed pricing model is one of the common startup problems. Not knowing how to set their price, especially when entering a new market, can make or break a company. You don't want to set a price that is too low, as it reduces the perceived value of the product. At the same time, you want a price low enough for customers to buy without much financial uncertainty.

Test different pricing strategies at the beginning of your startup journey. You want a price that is high enough to be able to cover operational costs and provide a healthy profit. A low profit margin to increase customer purchases and gain market share may be a good idea in the short term, but not in the long run as operations grow along with accompanying costs.

Not enough research

Research by CB Insights also shows that a flawed product is another frequent cause of startup problems and failure.

While spending heavily on research may not be one of the prioritized startup costs, many benefits come from setting aside resources to understand what customers really want and need. If your product doesn't offer enough value to your intended customers, spending heavily on marketing will not buy the customers' loyalty.

Through research and intentional customer engagement, you can create a product useful enough to make buyers feel like they need your product — instead of you trying to convince them to buy your products.

No solid business plan

A good business plan helps you calculate if the lifetime value of a customer (CLTV) is higher than the cost of acquiring a new customer (CAC). It might feel good to get your first few customers, but what matters is if the money spent on acquiring customers is less than the cost. If it isn't, your startup business is not yet set up for long-term success and profitability.

A good startup business plan requires proper market research; this is what appeals to startup investors. If your research shows that your CAC is too high, chances are the startup business may fail. Your stakeholders need to know that you can scale. Create a sound business model startup investors can trust and you can rely on as you grow.

Why Startups Fail: Everything You Need to Know 2 — Photo by Lagos Techie on Unsplash

Marketing efforts fall flat

Marketing is the heart of any company. It shows your company values, how it operates, and how you seek out and treat customers. Your company's growth and profitability rely heavily on how well your team can market your services to the right consumer. There is no point in having an innovative product in an untapped market if nobody knows about it.

Startups fail in marketing when they misunderstand market research, invest in features nobody wants, and emphasize the wrong benefits in their marketing messages.

Founders and startup employees often get caught up in a bubble with their shiny new products, leading to poor and unsuccessful marketing efforts. Pay attention to customer feedback and behavior, and emphasize the most used features of your product or startup in your messaging to improve marketing.

Timing is wrong

You can have the best team, a solid business plan, and find a market that needs your product, but if you don't get your timing right, all of that will be for nothing.

An example of poor timing is if you create a product in anticipation of a growing trend, but cannot launch early enough to meet the market demand due to production delays. Now the market is oversaturated with competition, and you have to figure out a whole new way to rebrand and position your startup.

At other times, you may be too early. Nobody knows they want your product yet, and you run out of runway before hitting critical mass. Timing, according to TED Talk speaker Bill Gross, is the most important reason why startups fail or succeed.

The company name is irrelevant

Branding is everything in today's digital-enabled world. Your company name and reputation have a significant impact on the success of your startup. A name isn't just a word; it connotes a lot more.

Customers should be able to draw parallels between your company name, product, and values. Think about Apple. The moment someone mentions the company name, people think design, luxury, and innovation.

An irrelevant company name adds no value to the business. It may even leave a poor first impression on potential leads, customers, or startup investors, meaning you lose opportunities before you have a chance to sell what your company can do.

How to build your startup the right way

There are many ways to build a startup correctly. Finding what you're good at and creating a positive and memorable customer experience is a perfect recipe for long-term success.

Keep your customers in mind at all times and maximize efficiency, empathy, and productivity to create features that help them solve problems and achieve more. A few other tips for building your startup the right way include:

Look to make a positive social impact, not just a financial achievement

In a book called "Building Companies To Last," Jim Collins wrote that out of all the visionary companies that have found success in the last fifty years, none said maximizing profit and growth was their foundational motivation.

This is not to imply that you should ignore the financial side of things, but that by building a company that cares about people, you're building a company more likely to last and outlive the competition. You can keep an eye on the bottom line while developing a business that creates an incredible amount of value for your customers.

Build a strong team

A strong team allows you to grow from founder-driven decisions to a solid leadership group that sees beyond one perspective. Most successful companies don't rely on one person to make all the critical decisions. As you scale, it becomes impossible to do so.

You must learn how to delegate responsibilities to team members and managers, capitalizing on their unique strengths and perspectives. Delegating builds trust in organizations while freeing up time for managers to work on strategic tasks. It also allows team members to work with autonomy and grow in their roles.

Get real validation for your startup concept

Find validation for your solution before you build beyond a minimum viable product (MVP). As you grow and get results, stay ready to pivot to match the results of your market research and interactions.

Creating the right solution for your customers gives real-world value to your startup. Take time to find out how your product fills a void in the market and if there's enough need for your solution to build a product around it.

Using Wrike to manage your startup

Working in a startup often means wearing many hats and going beyond your typical responsibilities. But even in such ad-hoc environments, it's important to have accountability and organization weaved into the culture and workflows from day one.

Wrike’s secure and robust project management software allows you to seamlessly manage and execute all your projects. You can use Wrike to automate workflows, activate task notifications, provide real-time visibility, and offer project reports on a schedule to key stakeholders.

Wrike provides a safe, centralized location to share and manage resources across your organization while monitoring progress on individual projects and teams. Using Wrike, you increase your chances of success, as you can communicate a clear vision for the organization, followed by clear plans, assignments, and due dates.

Wrike also provides several essential templates you can use to prepare for different stages of your startup journey, including:

Get started today with a free two-week trial of Wrike.

Kelechi Udoagwu

Kelechi is a freelance writer and founder of Week of Saturdays, a platform for digital freelancers and remote workers living in Africa.

#Startups

Collaboration 10 min read

How to Avoid Poor Communication Skills at Work

Poor communication skills in the workplace often lead to missed project deadlines, unproductive teams, and client complaints. In this article, we’re giving you a cheat sheet you can use to identify and avoid poor communication skills at work. Help both your teams and your stakeholders succeed with these practical solutions to common miscommunications outlined below. Afterward, keep reading to learn more about how Wrike’s project management tool makes staying on top of communication effortless. What is miscommunication? Miscommunication is a type of communication breakdown that occurs when one party can't provide the proper information to another party for any number of reasons. It’s not always obvious when a miscommunication occurs. Sometimes the realization happens in the moment, so the person can correct themselves. But more often than not, one or both parties don’t realize the error until after something has gone wrong. What are the different types of miscommunication? Mistakes: Think typos, incorrect information, or simply forgetting to CC another team member on an important message. Bad writing: Overly verbose messages and complex words or phrases often create more problems than they solve. Time changes: Employees in different time zones need clarity around deadlines and meeting scheduling that other teams normally wouldn’t. Cultural differences: One person’s email may seem professional and direct to someone from one culture, yet cold and rude to someone from another. Language barriers: If you have native speakers and non-native speakers working together, chances are there will be a mistranslation from time to time. Unspoken expectations: Lack of clear vision or communication of everyone’s responsibilities can lead to finger-pointing down the line. Over- or under-managing: Leaving employees to fend for themselves and micromanaging their every move are both counterproductive to healthy communication. Lack of transparency: Giving team members access to big-picture progress reports and related data is important to effective communication in project management. Assumptions: Even small assumptions, such as thinking an employee will definitely be present and on the clock next week, can cause common project management challenges once you find out you’ve planned a major deadline on the same day as their PTO. Workplace customs: For example, in some offices, the longtime employees know that arriving to a meeting five minutes early is expected, while others may be used to more lax timing. What are the common causes of poor communication? From the top down, good communication is key to attracting and keeping good employees. Unfortunately, many leaders are not as good at communicating as they should be. The good news is that managers can easily adjust their actions to better align with their goals by following this simple communication red flag checklist: Ignoring interpersonal conflicts Whether it’s an office romance turned sour or an environment in which employees simply don’t like one another, interpersonal communication plays a large role in project success. Even if your team doesn’t have natural chemistry, it’s leadership's job to help them get along. Not sharing the big picture It's powerful for businesses to have goals and objectives, as they help employees focus on achieving desirable results. The issue is that many organizations fail to provide clear and consistent direction to their employees. Forgetting to give praise and constructive criticism Feedback is often provided by a project manager to help people understand their performance. It provides vital information to make important business decisions in the future. Top performers regularly utilize feedback to improve their work performance. Point out good behaviors to employees too so that those actions become habits for them in the future. Not prioritizing employee morale When employees lose interest in their work, they are often considered demoralized. This can lead to an employee becoming irritable and unproductive, which can affect companywide performance. Restoring employee morale involves reevaluating the culture and thinking about how to create a conducive environment for employees to thrive. Failing to acknowledge differences As more people choose to work in diverse environments, this has raised the potential for communication issues. For instance, one person from a certain background may relay a message differently to another person from a different background. HR training and mediation are key for solving these miscommunications before they get out of hand. What are the consequences of a lack of communication in the workplace? The consequences of a lack of communication in the workplace are challenging to measure because there are lots of direct and indirect ways it will impact teams. Circumstances matter too. But in general, what we know for sure is that poor communication skills at work are never positive. According to USA Today, “28% of employees cite poor communication as the reason for not being able to deliver work on time”. Imagine creating the perfect project plan, avoiding and minimizing roadblocks, only to discover completely preventable issues such as miscommunication have derailed your team. Removing the possibility of poor communication from the equation improves project delivery, but it also makes dealing with those other issues so much simpler. Another study by SHRM pointed out that miscommunication within projects was one of the most costly mistakes a business can make. Their research showed “the average loss per company of $62.4 million per year because of inadequate communication to and between employees”. There may already be examples in your projects of this happening on a small scale. Issues such as incorrect orders, waiting around for other people to make decisions, and even missing a single client email can cost hundreds of dollars for the smallest of businesses. If there’s an issue with your profits, chances are it can be traced back to poor communication in some form or another. And last but not least, one of the biggest consequences of a lack of communication in the workplace is the destruction of employee morale. A Gallup Journal article pointed out that growth and revenue largely depend on communication between companies and their employees. In fact, “74% of employees have the feeling they’re missing out on company news because the internal communication department is non-existent or doing a poor job.” And when employees feel disconnected from a company’s purpose, they are often disengaged, unproductive, and unmotivated. Examples of poor communication in the workplace Poor communication planning Bad business communication occurs when a company doesn't have a system in place to deal with incoming orders. Without communication with the customers, the company is likely to lose business. One-way streets A one-way street in this context is when a member of the team only contacts their business associates when they need a favor or some ideas. This behavior undermines their communication skills and breeds distrust or resentment among the rest of the group. Cold shoulders A cold shoulder is the equivalent of ghosting someone in the workplace. It typically looks like a person intentionally or unexpectedly declining to respond to calls or emails sent by another team member, manager, client, or stakeholder. Passive-aggressiveness Team members who are passive-aggressive deliberately avoid interacting with their co-workers. This behavior can be caused by intentionally avoiding a co-worker or making off-color remarks that undercut someone else’s efforts. Outright aggression Intimidation tactics can create a toxic work environment. Examples include ultimatums, placing blame on others, and threats to an employee’s financial livelihood. Not only is this unethical, but it also leads to high turnover rates. Placing blame on others A failure to accept responsibility for one's actions shows a lack of responsibility. Believing that others are responsible for their actions shows a lack of compassion and understanding. Neither is productive in the workplace. Poor listening skills Leaders and employees who fail to listen to others are not only disconnected from their conversations but are also engaging in poor communications. In general, these behaviors can have a negative effect on how people feel about their colleagues and team leaders. While many of these scenarios aren’t too difficult to avoid, they can add up over time. Some of these actions may not be considered offensive or aggressive on their own. But letting them pile up can create hostility among collaborators over time. Even if you can’t micromanage every email, text, and call, you can put tools in place that make communication streamlined and transparent. How to avoid miscommunication in project management Agile development is a favorite among modern software-development teams that want to avoid miscommunication altogether while managing multiple projects. Agile tools such as Wrike help groups work together seamlessly and deliver results faster than those that follow other methodologies. One of the ways it does that is through clear project planning. Wrike enables you to structure and manage your work in Agile using visual data representations such as graphs and charts. Tools like ours will help you prioritize your backlog and set up sprints, manage your meetings, and report on progress. This allows individual users to organize their own personal workflows and prioritize their backlog for sprints ahead of time. Wrike also simplifies the process of updating team members. Its activity stream offers a live feed that shows all project updates. Other features such as automated notifications make keeping up with project developments seamless. Want to improve communication between clients and your team? Wrike’s work-intake forms are designed to help teams organize and manage incoming requests. They also help teams plan and collaborate on shared projects, finding opportunities for overlap whenever possible to save on resources. When it comes to getting work done, Wrike makes it possible for teams to stay organized. Individuals can update their workflows and share them with others. Doing this makes it easy for management to keep track of progress across the entire team. It also clears up any confusion around roadblocks, project updates, and the occasional PTO. Wrike also helps teams communicate with stakeholders. For example, users can submit bug reports to external stakeholders who can help solve the problems. Management can adjust settings into project plans so that partners have a peek into progress without seeing any information that is too sensitive. Even if you only use Wrike’s predefined workflows and dashboards that help monitor your progress, it’s a lot easier to avoid poor communication at work when you use our tool. Ready to streamline operations and improve productivity teamwide? Start your free two-week trial of Wrike today.

Collaboration 10 min read

The Ultimate Guide to Creating a Strategic Annual Plan

The first step to achieving goals is to come up with an annual plan. A strategic annual plan makes it easier for managers, team leaders, and company owners to execute their vision for growth. Not only does creating an annual plan give you time to reflect on past accomplishments, but it’s also a great way to make ideas actionable. Keep reading to learn more about what annual planning is and how you can create one that has a significant impact on your organization. What is an annual plan? An annual business plan is a set of goals and milestones that guide a company's operations for the year ahead. It helps guide employees and investors in the right direction. For many people, this year's new year begins with a review of their previous year. They then set goals and make plans for the coming year. Annual planning is a combination of two other important elements: a business plan and an annual plan. A business plan is a document that a company or organization uses to set goals and improve performance. It's similar to a belt-tightening exercise. An annual plan is a strategy that a company uses to set goals and expectations for the coming year. It helps employees visualize where they are headed and how they can get there. The annual plan also sets out a company's long-term goals and helps guide how it will reach these targets. An annual business plan helps workers set goals and holds them accountable for achieving those goals for the upcoming 12 months. Then, there’s strategic planning. A strategic planning process helps an organization identify its mission, vision, and strategic goals. The strategic plan combined with the annual business plan are two key components of a successful strategy. The former provides a framework for the company's goals and intentions, while the latter provides the necessary tools and processes to execute those goals. Overview of a strategic annual plan Here is what is typically included in a strategic annual plan: Analysis of past performance. Reviewing your goals can help you identify areas where you can improve and become more productive. Budget estimations. Financial projections are often included in budget planning. They help you plan for the coming year and identify the right course of action for your projects. A clear vision statement. Expectations must be clearly stated, as well as responsibilities and clear OKRs. Having these elements in place can help keep teams on track and motivated. SMART goals. Set specific, measurable goals and deadlines for your company. This will help you measure how far you've come in terms of meeting the key results. Buffer room. A well-written annual plan should include space for emergencies as well. Having a contingency plan can help avoid unexpected expenses. In a nutshell: the annual plan is a strategy used to plan and execute the organization's goals and objectives. It is usually composed of three phases which are strategy, projects, and timing. The importance of an annual plan Annual planning helps define what's important to achieving goals and driving performance. An annual plan also helps keep the workforce united and can be used to motivate and retain employees. A well-written annual plan can help you set the direction for your company while providing the team with a sense of direction. Examples of annual strategic planning Here are some ideas to get you started with your own strategic annual plan: 1. Coca Cola HBC 2020 Integrated Annual Plan Coca-Cola's 246-page report details all aspects of their business. They start by celebrating their wins with statistics. They also include photos of actual customers and partners. Their CEO writes a letter to their stakeholders sharing their biggest accomplishments over the past year. Then they go through their vision. Throughout the strategy, you can see that they are using the pillar method for goal planning. Key areas of focus include leveraging existing business, continuing to win the beverage marketplace, making competitive investments, focusing on employee growth, and expanding their licensing. The overall report is designed well and is reminiscent of a well-crafted white paper. Because the CEO's letter was addressed specifically to stakeholders, we know that this is a tool for increasing investment as well as project planning. Because of this, a lot of the content within it answers the question, “why should I invest in you?” Throughout the rest of the annual plan, each pillar gets its own section. At the top of each section, there is a list of accomplishments from the past year and priorities for the coming year. They also summarize risks, stakeholders, and KPIs. This makes the packet easy to skim but also easy to remember. 2. pep+ (PepsiCo Positive) PepsiCo recently announced that their new 2022 initiative will revolve around “the planet and people.” While this is a long-term process for the brand, the launch will mark the core of their strategic annual plan for the foreseeable future. Their keywords include positivity (hence the “+”), sustainability, and “a fundamental transformation of what we do and how we do it.” On their dedicated landing page, readers can dig deeper into their annual plan. Also well designed, this presentation shows what the future looks like for PepsiCo through refreshed branding and imagery. Symbols such as smiling farmers and healthy, green fields drive the message home. To achieve these new goals, the company will focus on supply chains, inspiring consumers, and driving sustainable change among all its product lines. They link several documents throughout the report, including a comprehensive list of goals which is a great example for your own annual plan template inspiration. This three-page chart names pillars on the left-hand side and targets or actions with due dates on the right. If their goals have numerical metrics, they include data from past years, along with key benchmarks they hope to reach by the end of the year or in the future. Otherwise, their goals are measured in actions. For example, as part of their sustainability pillar, they plan to “develop and deploy disruptive sustainable packaging materials and new models for convenient foods and beverages.” This task is specific and clear, despite the fact that it’s not as quantifiable as some of their other goals. 3. Nestlé Global’s Annual Report Their annual plan is not public but they have shared an annual report on past wins from 2020. In addition to a financial review, Nestlé also shares a new strategy. Starting with important facts and figures the company highlights statistics from organic sales growth and more. They also visualize data about which types of products are selling most and where in the world the company has grown over the past year. As Coca-Cola did, Nestlé also includes a letter to shareholders. They discuss ways in which they plan to grow in the coming year. This includes what product areas they will invest more in and where they will pause or halt efforts. They also emphasize a new product area which will be the focus moving forward in the short term. In this section, Nestlé touches on long-term strategies and how these short-term goals will affect them. In general, their annual report focuses on the word innovation. It mostly has to do with developing new products and revamping old ones. Like PepsiCo, they are using sustainability as a pillar as well as e-commerce. The report goes on to elaborate on each strategy individually. Nestlé lists action steps and provides clear evidence as to why each is important. They also highlight statistics for growth in key areas and name even bigger numbers for where they hope to be in a year. Throughout the report, they include images from ad campaigns that demonstrate the change they wish to continue implementing as part of their marketing plan. Again, branding imagery makes a big difference when creating your own strategic annual plan. It sets the tone for what's written on the page and can help visual learners better understand what you're going for at a glance. Although Nestle's strategic annual plan is designed more like a white paper than a chart, this layout is the most magazine-like by far. It serves as a great example of how you can organize ideas on the page in a way that is interesting and attention-grabbing. One of the most notable aspects of their annual plan is the Materiality Matrix. They use this chart to visualize key areas of interest and prioritize them according to stakeholder values. Within each box, they’ve listed bullet points of business areas this value will impact. It’s a great method for summarizing goals that cover a wide variety of departments and business engagements. Understanding strategic planning best practices Everyone has their own way of thinking about annual plans. Regardless of what you’re trying to achieve, the following strategic planning best practices will help you get there: 1. Use SMART goals A variety of SMART goals are commonly used to help guide and motivate people. They help set realistic benchmarks and are designed to help teams achieve success. It will also help you plan for the ups and downs of your business. To reach your goals, divide them up into smaller goals and set specific deadlines. These goals will help you measure how successful you are at reaching them. 2. Include contingencies For example, having an emergency financial reservoir is a good idea to prevent a potential financial disaster. It can help your company navigate slower seasons while still sticking to your annual plan. 3. Build in flexibility Even minor shifts in external factors can significantly impact on how effective you are at creating and implementing your strategic plan. Never forget that, while we are creating our annual plans in a vacuum, the world will undoubtedly go through more changes this coming year. Even though we can’t predict the future, we can make our plans foolproof by being flexible now. What is an annual plan template? An annual plan template is a document or tool that can be utilized repeatedly to outline the various stages involved in creating an annual plan. Its purpose is to provide a clear understanding of the annual planning process by specifying the actions to be taken and the timeline to follow in order to develop an effective business plan. By utilizing the annual planning template, individuals or organizations can ensure that they have a systematic approach to reaching specific goals, and can enhance the quality of their business plans. Using Wrike to assist with an annual plan template Wrike’s project management software can help you keep track of all your company-related information in one place. It can also streamline your work and help you stay on track. It can also help you keep track of your annual plans and develop a strong strategy. Start by using last year as a reference. By understanding the issues that affected the previous year, a company can improve its performance in the following year. Draw reports of time spent per project and see where your team went over or underestimated. Then look at which tasks tend to drain resources the most. Determine whether or not the ROI is worth it moving forward. Next, set realistic goals. Reflect on last year's statistics from Wrike Reports and put together a plan with a realistic metric for improvement. After, break down big plans into individual steps. Start by focusing on the business goals of the company then outline your key objectives that align with those. Make sure that everyone knows who is responsible for executing and approving each task. Draft a Gantt chart that includes each step broken down into relevant tasks. Remember to add deadlines to every action to keep teammates accountable and keep to realistic deadlines. Then, delegate tasks according to strengths and weaknesses. Use project reporting and individual job performance to assess team members. You may find that those with specialized talent are being tasked with unskilled work when they could help solve major problems elsewhere. Don’t forget to involve the whole team. Start early, plan ahead, and keep everyone involved in the process. Doing so will make it easier to overcome obstacles once the projects are underway. Additionally, ask them for direct feedback on your ideas for the next year. You will learn from the front line what obstacles they may be facing that will affect the timeline. Another bonus of getting your team involved is that it creates more transparency in the workplace. Using Wrike as a part of the process is not only helpful, but the team also keeps learning how to use the system more efficiently as they go. Having a work management platform that enables you to plan and execute annual plans is a good idea. Plus, it's also a good idea to use tools that allow you to collaborate and manage complex processes. Create an effective annual plan today with Wrike’s free trial.

Collaboration 7 min read

Online Collaboration Tools for Students

Remote learning has exploded with the COVID-19 pandemic. Here’s how online collaboration tools for students can enable effective distance learning.

For Teams

Use cases

Apps & Integrations

Explore Wrike

Learn and connect

Become Wrike Pro

Why Startups Fail: Everything You Need to Know

What is a startup business?

Why do startup businesses experience problems?