The Odds Were Against Me But...
You probably have heard it before, but faith is stepping out on nothing and believing that something is there. That is a song my youth choir sung decades ago and it is still true today. I stepped out on faith believing something was there.
March 4, 2023 was a major milestone for my business and me. That day marked the 10 year mark in my business's life cycle. To think on January 24, 2013, when I was dismissed from my 26-year career, I thought the world was going to end. However, after taking that month off to "lick my wounds", I decided to repurpose the knowledge and skill sets I had acquired.
At the time, new business owners were looking like a deer in headlights every time the words, "business plan" were mentioned. I had been writing them for years for free for my friends and acquaintances. Business plans and resumes became my very first offerings!
In this article , NerdWallet answers this questions, "How Long Your Small Business Will Survive?"
Basically, the odds that a business consulting firm in Chattanooga, Tennessee stays open for 10 years can vary depending on several factors such as the quality of the firm's services, its reputation, the competition, and economic conditions.
In general, the SBA statistics provide a broad indication of the odds of small business survival. According to those statistics, about half of small businesses survive beyond five years, and only about one-third of small businesses make it to the 10-year mark.
These statistics did not discourage me from starting my own businesses, but they do emphasize the importance of proper planning, financial management, and adaptability. By developing a sound business plan, managing finances carefully, and staying flexible in the face of changing market conditions, small business owners can improve their chances of success and longevity.
LSMB Business has made several iterations since that March 4, 2013 day when we put our shingle in the Universe. Now, I offer a 12-week course for those desiring to understand the business side of doing business. In addition, I offer a 360 business assessment that has help so many business owners identify and make action plans to address the gaps in their business models. I really enjoy this part of my business.
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Still, as mentioned earlier, proper planning, financial management, and adaptability can improve the chances of success and longevity. A business consulting firm that provides valuable services, manages finances carefully, and adapts to changing market conditions has a better chance of staying open for 10 years and beyond.
With that in mind, I can hardly wait to see what the next ten years will bring!
Happy 10th Birthday, LSMB Business Solutions located in Chattanooga, Tennessee, but serving the entire United States, parts of Africa and Barbados!
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Are you a new business or a struggling business who needs to know what to do next? Have you spent your money on so many things and none of them are coming together?
Do you have a great business idea, but find that a little support could help you to grow faster?
If so, great!
Schedule an LSMB 360 Business Assessment call with Linda to learn how identifying the gaps in your business model can have you business up and scaling quickly. Schedule an appointment here: