Small Business Survival
If you haven’t reviewed our "About" section, I strongly suggest you do. It will give you insight into why consulting with someone who has been there and done that might be a good idea for you and your business.
When I first started owning and operating small businesses, over fifty years ago, twenty percent of new small business startups failed in the first year, and fifty percent closed their doors by the end of the fifth year. Those numbers haven’t changed. In today’s market, only thirty percent survive ten years, and the numbers decline as time passes.
Why do small businesses fail?
Lack of Market Demand: Many entrepreneurs launch products or services without sufficient market research, leading to insufficient customer interest.
Insufficient Capital: A lack of adequate funding can hinder operations, marketing efforts, and growth initiatives.
Poor Management: Inexperienced management teams may struggle with decision-making, strategic planning, or operational efficiency.
Competition: New entrants often underestimate competition or fail to differentiate themselves effectively in crowded markets.
Economic Factors: Economic downturns or shifts in consumer behavior can adversely affect sales and profitability.
Regulatory Challenges: Navigating complex regulations can pose significant hurdles for new business owners.
Inability to Adapt: Businesses that cannot pivot or adapt their strategies in response to changing market conditions often face closure.
Taking Control of Your Business's Future
Only two of these seven issues are totally or partially out of your control. The key to addressing the other five is recognizing them, making timely decisions, and developing plans to keep your small business viable.
Wouldn’t someone, like me, who has fought the fights and won the battles, be of value to help you develop a viable and long-lasting business?
Keep reading our blog, or if you want to Write Your Business immediately, book a 15-minute Google-Meet meeting to explore the possibilities.
