The longer you’re in business, the more the stats are against you

The longer you’re in business, the more the stats are against you

We’ve all heard the statistics when it comes to success or failure in business for startups (in case you haven’t, 60% of businesses will fail within the first 3 years*). 

But did you know the longer you’re in business, the more stats are against you?

Research shows that 80% of businesses will fail within 20 years⍏. 

My jaw dropped when I first read this. There’s so much focus on getting through the early years of business but there seems to be less emphasis on the seasoned businesses that have been around the block a few times. 

You’ve got the war wounds to show from turbulent times. The trophies in the pool room from the glory days. And apparently, you’re not out of the woods even with your many years of experience.  

Want to know the main reasons businesses fail^?

  • Lack of staff training
  • Business owners getting stuck in day-to-day operations 
  • Not having a strategy in place
  • Poor cash flow management

The best thing about these reasons for failure? Every single one is within your control! 

With the right blueprint and knowing where to focus your and your team’s attention, future proofing your business becomes easier. 

But here’s the thing, if you don’t address these potential pitfalls you could wind up being another sad statistic. 

You could be on the path to resenting your business, hitting the burnout wall or having to walk away from your business entirely. 

What are you doing today to upskill and support your team, to get unstuck from the day-to-day weeds, and be proactively strategic and planning for profit in your business?

If you don’t know where to start, we’ve created a Smart Growth Blueprint which you can access via this quick (60 second) survey. 

Here’s to thriving in business, and life! 

*Sources: Australian Bureau of Statistics; ^The Australian Securities and Investments Commission; ⍏Clarify Capital

Nicky is a Coach and Mentor for Women in Business with 2 decades experience in sales and leadership. She’s been working in the professional coaching space while running her own business over the last 7 years.  

Nicky's obsessed with helping women break the cycles in business that hold them back from creating profitable businesses they love, without having to sacrifice time or life.  

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Demystifying High Performance

Demystifying High Performance

High performance is a buzzword in business, but have you ever stopped to really think about what it means for your team?  

Let’s break it down so that you can easily empower your team to unlock their full potential.

Nothing has meaning except the meaning we give it.  

In our conversations with clients (and on our poddy which you can check out here), you’ll often hear us talking about peak performance. Understanding and being aligned with your definition and meaning of high performance as a team is a critical part of this equation. 

Because here’s the thing: high performance can mean different things to different people. It’s one of those words that can have a dozen interpretations.

So getting on the same page is an absolute game-changer. 

It’s not just about saying you’re a ‘high performing team’; it’s about 1. defining what that means, 2. working towards it, and then 3. seeing the benefit of aligned outcomes.

Think of it like creating a blueprint of success for your team to follow. 

It sets the tone for your business culture. 

And it’s the difference between a team that’s burning out in the name of success or one that’s thriving without the burnout.

Introducing 70-20-10 

We use a trusty model created by Andy Meikle that breaks down high performance into three parts: 70% is about results, 20% is about being a person of influence, and the remaining 10% is being a person of grace.

Results: 

This part is pretty straightforward – it’s all about the numbers, the goals, KPIs and the measurable outcomes in business. 

The real magic happens when you overlay the 20% of Influence and the 10% of Grace on top of Results!

Influence: 

Being a person of influence takes into account your behaviour, values, and contributions to the overall team’s success. Are you open to feedback and coaching? Do you share your success strategies and support your colleagues? This is what creates a culture of high performance.

Grace:

The last 10% is the internal stuff, your attitude, resilience, and how you handle the tough days. It’s about staying composed and not letting stress get the better of you affecting your impact on the people around you. 

If you take one thing away from reading this article, let it be that high performance is not just about results, it’s also about how you achieve them and the environment you create.

So, what’s your definition of high performance and how do you know it’s the same as your team? 

There’s only one way to find out the answer to these questions and it’s to have the conversation as a team and write down what your collective definition of high performance is. 

Following the 70-20-10 model is a simple way to get the conversation started.

Nicky is a Coach and Mentor for Women in Business with 2 decades experience in sales and leadership. She’s been working in the professional coaching space while running her own business over the last 7 years.  

Nicky's obsessed with helping women break the cycles in business that hold them back from creating profitable businesses they love, without having to sacrifice time or life.  

Supercharge Your Business!

Join us to receive expert podcast episodes and tips on how to achieve the work-life balance you've been craving while still watching your business grow.

Unlocking the Power of Sales and Marketing: A Profitable Partnership

Unlocking the Power of Sales and Marketing: A Profitable Partnership

Let’s dive into one of my favourite topics – sales.

Well more specifically I want to explore the symbiotic relationship between sales and marketing.

When you align your sales and marketing efforts, magic happens.

That magic can look like achieving up to 38% higher conversion rate, a 36% increase in customer retention, and saving 30% on customer acquisition costs. That’s impressive, right?

Translated, that’s money staying in your back pocket!

And yet, businesses tend to focus on getting marketing plans in place, overlooking the importance of a dedicated sales strategy.

Sales and marketing strategies are distinct, and understanding this difference is crucial.

Why does a marketing and sales strategy matter?

During my early days in business, I experienced a sudden drop in revenue after consistently earning $40,000 per month.

It felt like I was speeding toward a cliff with no time to build a bridge across it.

That bridge, my friends, is your pipeline – the lifeline of your business.

Relying solely on word-of-mouth referrals is risky. 

It leads to reactive decisions, discounting, and chasing the wrong clients. It can lead to a scarcity mindset that you need to overcome, or better yet, avoid altogether.

What comes first, marketing or sales? 

The truth is, it’s not about one preceding the other; it’s about understanding they go hand in hand. We must break free from linear thinking and embrace their interdependence.

The more important question is, which do you have – a marketing or sales plan?

Pssst.. Your answer needs to be ‘both!’

In our growth pipeline model (which you can grab here), there are three key components to both effective sales and marketing: Plan, Execute, and Evaluate.

Today, we’ll focus on sales planning. 

Regardless if you have a team handling sales, or you’re still at the sales helm, it’s essential to create a simple sales plan (and by the way, it does NOT have to be complicated!).

1. Examine the current shape of your business. The current shape involves looking at your past performance. For example, analyse revenue by client segments, services, or industries. Identify which clients, services, or industries contribute the most to your revenue and where the gaps are.

2. Next, define the future shape of your business. Determine your growth goals and what you want to change or maintain. Perhaps you want to focus more on a specific client segment or industry. Maybe you want to increase revenue from existing clients.

TOP TIP: To simplify this process, think of three key aspects: which client segments or revenue streams you want to grow, maintain, and acquire (aka business growth).

Set specific goals for each category based on your analysis in points 1 and 2. This approach provides a clear path for your sales and marketing efforts to follow.

Be sure to include the above insights into your marketing plan and that your marketing and sales teams speak to each other and collaborate in their efforts.

Remember, sales and marketing are not isolated entities; they’re your business’s dynamic duo. 

Embrace their partnership, set clear goals, and the result? Sit back and watch your business thrive.

Ps. Be sure to do the Pipeline Audit here.

Nicky is a Coach and Mentor for Women in Business with 2 decades experience in sales and leadership. She’s been working in the professional coaching space while running her own business over the last 7 years.  

Nicky's obsessed with helping women break the cycles in business that hold them back from creating profitable businesses they love, without having to sacrifice time or life.  

Supercharge Your Business!

Join us to receive expert podcast episodes and tips on how to achieve the work-life balance you've been craving while still watching your business grow.

Unveiling the Secrets to a Thriving Business Culture

Unveiling the Secrets to a Thriving Business Culture

Have you ever considered the elusive “vibe” in your business? 

You know, that intangible energy that defines your workplace culture. 

What exactly is this ‘vibe’ thing? 

Well, it’s that feeling you sense in a room. It’s the energy that’s palpable even when no one is talking. It’s how your team feels, how they interact, and the unspoken ground rules that are present in the working day.

Imagine your business as a beautiful tree. There’s parts that you can see like the trunk, branches, and leaves. And then beneath the surface are the roots, hidden from view. 

These roots are like the culture of your business. They determine the health and strength of the entire tree… just like culture does for your business.

Now, here’s the kicker: sometimes, what you see on the surface isn’t reflective of what’s happening underneath. But eventually, the truth about the health of those roots will come out. 

Sure, you might see smiles and hear polite greetings, but there might be an underlying defensiveness or sarcasm in the air. 

That’s the vibe talking, and it’s critical for you as the business owner and leader, to pay attention to it!

Think about it like this: you can say all the right things about your business culture, but if your actions don’t align, it’s like planting a tree without nurturing or watering the roots. 

In the long run, it just won’t thrive.

What’s the key to having a kick-ass vibe in your business? 

First, keep your culture alive. Don’t just set and forget your values and vision. Periodically check the pulse of your team and working environment. 

When you ask your team about the vibe and how they feel at work, listen to their feedback (both verbal and non-verbal). And make sure you action the feedback you’re given.

In the words of Simon Sinek, 

“Working hard for something we don’t care about is called stress; working hard for something we love is called passion”. 

So, my fellow business trailblazers, nurture that passion and create a thriving business culture that truly reflects your values in the day-to-day workings of your team. 

Your business journey might not always be easy, but when you have the right vibe in your business, it’ll be worth it. 

Here’s to an empowered and vibrant business culture! 🌟🚀

Nicky is a Coach and Mentor for Women in Business with 2 decades experience in sales and leadership. She’s been working in the professional coaching space while running her own business over the last 7 years.  

Nicky's obsessed with helping women break the cycles in business that hold them back from creating profitable businesses they love, without having to sacrifice time or life.  

Supercharge Your Business!

Join us to receive expert podcast episodes and tips on how to achieve the work-life balance you've been craving while still watching your business grow.

From “Ugh” to Unstoppable: Ignite Your Business with a Personal Vision

From “Ugh” to Unstoppable: Ignite Your Business with a Personal Vision

Are you hustling to make your mark in the business world? 

How does your personal vision contribute to these business results? 

Now, I know you could be thinking, “Hold up, I’ve got my business vision down, isn’t that enough?” 

Stay with me because we’re about to take a deep dive into why having a personal vision as well as a business vision is like adding rocket fuel to your business success.

Picture this – you’re steering your ship in the vast sea of entrepreneurship, and that ship is your business. It’s got a solid compass guiding it – the business vision. 

But here’s the twist, you need your own True North to direct you, navigate uncharted waters, inspire you in uninspiring moments of business and keep you afloat as you conquer the storms that come your way.

Your business is a vehicle to help you move towards your personal vision. But business isn’t just about numbers and goals. 

It’s also about the emotional connection, the “why” that fuels your soul. It’s about digging deep to stay connected to your why in those moments when you need a pep talk to push through those “ugh” days. 

Here’s another way to look at it… your business vision is in neon lights, it’s on all the billboards for as many people as possible to see. 

Your personal vision is the quiet force within you. It’s your secret weapon that tells you why you’re doing all this in the first place. 

As an example, my personal vision revolves around building a lifestyle for my loved ones and I to enjoy and give back to causes I care about. It’s about those epic family vacations, being able to say yes to things, and making a real impact where it matters.

Your personal vision isn’t about fancy words; it’s about what tugs at your heartstrings. It’s your chance to connect the dots between your business success and your personal fulfilment. 

So, here’s what I want you to do. 

Grab a cup of your favourite tipple, sit down and get curious about what truly lights up your soul. 

Ask yourself..

  • What’s my True North? 
  • Why do I do what you do?
  • Why do I really do what you do?
  • Why do I really really do what you do?
  • Think back to why I went into business in the first place; is this reason/feeling still present in my day-to-day life?
  • Does my why still inspire me on the tough days?

If you want a hand going deeper, you can grab the Create a Compelling Vision Playbook here and let us know how you go!

Nicky is a Coach and Mentor for Women in Business with 2 decades experience in sales and leadership. She’s been working in the professional coaching space while running her own business over the last 7 years.  

Nicky's obsessed with helping women break the cycles in business that hold them back from creating profitable businesses they love, without having to sacrifice time or life.  

Supercharge Your Business!

Join us to receive expert podcast episodes and tips on how to achieve the work-life balance you've been craving while still watching your business grow.