Did you know that, according to Forbes reports, almost 90% of new businesses fail within the first 18 months? Considering that the vast majority of new businesses fail within such a short time of operation, it’s critical that business owners are aware of the reasons for these failures. From lack of funding to marketing mishaps, new business owners experience it all. Is there a way out for businesses owners to turn around this trend and make their businesses thrive?
Failure Is Not the End
In countries such as Israel, investors are reluctant to invest in businesses where the owner has not tasted failure before. This may seem like an odd strategy, however, this method allows them to determine whether the business owner has the skillset required to make it. One of the best ways to learn is through failure, and a business owner who has been through it will know the potential pitfalls.
Take Up Business Skills Courses
There is a significant difference between business owners knowing their craft and knowing what goes on in their business. This is true especially for those who have not been exposed to the business side of things before, such as knowing what is happening on their financial statements beyond just whether they’re making a profit or loss. A few courses that will benefit business owners substantially include basic accounting, business management, and even a health and safety course for those who need it.
Business Coaching Is a Good Investment
There are a number of reasons businesses who find themselves at various stage of their business cycle should consider roping with the help of a business coach. According to Global Resources LLC, the importance of adding a business coach to the equation allows business owners to reclaim the balance in their lives and businesses. A careful analysis of the state of the business will allow the team to pinpoint any areas the business owner may need to focus on. These areas include:
- Production flow
- Accounting practices
- Staff efficiencies
- Marketing strategies
- Cashflow management, and more
It takes more than a great idea to get a business off the ground; needless to say, the careful implementation of the right tactics is also a fundamental part of this intricate process. Business owners have many levers to pull in order to be successful, and some of them simply require the input of a professional.