Do you know that the vast majority of new businesses fail? The most recent data I read said that after 1 year 50% of the businesses have failed, after 5 years 80% and after 10 years 96%. This was a shock that only 4% of all businesses that start are still standing after 10 years. With the business landscape changing post-Covid, there is an adjustment required in business marketing, sales, and strategy. There is an acronym I like, it’s C.O.D. “change or die”. I know it sounds a bit harsh, but with the business world changing rapidly in the last 12 – 24 months, it would be wise to get ahead of the wave of change that is still to come.
With this in mind there are some constants that will help us navigate the uncertain and turbulent waters we find ourselves in today.
1. Whatever business you are in, the mission has to be clear. The mission will involve making money (and it should) but this cannot be the central driving focus of the business. The mission needs to involve positively impacting people at some level. We often will do more for others than we will do for ourselves.
2. Be ready and willing to continually take massive and sustained action – this builds momentum. People look at those who own a business and see Facebook or Instagram posts of leisure and fun. They think that having a business is easy and always profitable. The reality is you need to plan to work harder and longer than you ever dreamed possible. Remember that “Overnight Success” takes about 10 years to accomplish.
3. Be ready & willing to adjust and change when customer preferences & market conditions demand it. The worst line in business that can quickly lead to failure is, “this is the way we have always done it.” Adaptability in business is not a guarantee of success but will stack the odds in your favor.
4. Always maintain a “Long-Term strategy” in your business planning. The mission should have customer service principles and core values that do not change as the business adjusts and grows. What do people want today? Products that work well, are delivered quickly & efficiently, and with great and responsive customer care. It’s not a complicated formula but it’s not always easy to execute.
5. Remember it’s not a lack of resources that leads to failure but a lack of resourcefulness. When I am not sure what to do, that’s when we can get creative, think outside the box and find solutions. Many of the solutions we discover may not work but we may find the one that does and leads to massive success.
From one entrepreneur to another - Enjoy the journey!