In the UK over 80% of all small businesses fail within the first five years of operation according to the latest business surveys. That means that only 20% of small businesses have what it takes to succeed.
There can be many reasons.
Being open to change and seeking advice from people who can help you is crucial to the ongoing success of your business.
Business owners who turn to their Accountant for financial help, their Lawyer for legal help and a Sales and Marketing professional for help in marketing and systemising their business are positioning themselves and their business for a successful long term future.
Too often people start up a business and do what everyone else is doing. Then they compete on price. Learning professional marketing allows you to distinguish yourself from your competition so you aren’t competing on price. Then you’ll start to make more profit, employ more people and grow the business.
Excellent communication skills and systems for communication within the business are essential to ensure that all the team knows what is going on. Knowing more about people helps you to deal with customers and your team better.
The other area that is vital for success in growing a small business is the use of systems. Many businesses have no systems of duplication. McDonalds is a great example of a system that has been duplicated all over the world. The reason why McDonalds is so successful is because they are continually building on the systems running their business.
Marketing systems, people systems and leverage systems are very important as they let your business grow without you doing all the work. Sales and marketing, team building and team recruitment systems, it’s the complete package that the business owner should grow their knowledge and apply in their business.
Can I leave you with a thought…
“To change is difficult…not to change can be fatal”