6 Steps for keeping a business!
We often hear how starting a new business is stressful, demanding, time consuming and may take years off your life if you are not going about it the right way. We hear of studies that have stated 90% of businesses fail within the first five years of life, but fortunately, the Small Business Administration tells a different and more encouraging story. According to the SBA, “about two-thirds, or 66% last past the first two years, leaving only a third of businesses that fail within these two years. Extended to four years, the number of surviving businesses decreases to only 44%, meaning that about 56% of businesses fail at the five-year mark”, a far cry from the 90% previously claimed.
Here are 6 Coaching tips to help your business not become a statistic at the dreaded five-year mark:
Be creative in your approach
Instead of focusing only towards making profits, your business should be based on your talent and creativity. You need to create unique ideas and concepts in order to receive success and loving what you do will help you achieve those goals.
Be committed to your business
Believe in your dream right from the planning stage to its execution. You should trust in your dream and be committed towards achieving success in your business venture.
Encourage everyone to present their views
Involving your team in growing the business with encouraging brainstorm sessions and welcoming ideas will allow them to feel like a part of the business growth. When the entire team feels responsible for achieving the business goals they tend to work as one instead of many drones going through the work motions.
Appreciate your business associates
“Thank You” is underutilized! Praise your clients and team when they achieve a goal, complete a project or does something above and beyond.
Control your expenses
You’ll get a competitive advantage if you’re able to control your business’ expenses. Evaluate your income to expenses ratio to design an action plan for attaining your financial business goals. Then closely monitor your numbers.
Try to exceed customer expectations
It is important to satisfy your customers. Try to exceed your customers’ expectations no matter the situation both good and bad.
Ask yourself, what is the wow factor that sets your business apart from the competition?