Who’s Sabotaging Your Success?

by Howie Nestel

This Halloween, there was more to fear than run-away inflation and high interest rates. Your business has a better chance of dying than surviving.

Statistics indicate that more than 50 percent of businesses fail within the first five years. Why? Well, the top 3 reasons may surprise you. One common reason is a lack of capital. Business owners underestimate the amount of money they’ll need to run their business after launch. One down quarter or supply chain disruption can put a young, undercapitalized business in the ground. A second reason is a lack of personnel. Developing the right employees has been an area of deficiency for small businesses. And, without a strong staff, otherwise good offerings are practically irrelevant. Rounding off the top 3 is underperforming marketing initiatives. Most small businesses can’t afford to waste precious resources on advertising that doesn’t bring in profitable revenue.

So, what can you do to avoid the business graveyard? Run your business as though it’s going out of business; tighten the belt, and don’t spend money frivolously. Next, always be recruiting. Keep your eyes open for potentially good employees, and retain your “A” players by treating them like the rock stars they are. Lastly, test, adjust and redeploy your marketing efforts to yield improved results.

Keeping your business healthy can ensure longevity and lead to success.