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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The Business Conundrum: Action vs. Non-Action

The Business Conundrum: Action vs. Non-Action

Greg Plitt’s quote, “When every action has a purpose, every action has a result,” really hits home for me, especially when it comes to hitting a goal, whether that be a work or personal goal.

Think about it: every choice you make, every task you complete, all have the power to either move you closer to success or steer you off course.

That’s why it’s absolutely essential to make sure your actions are in line with your goals and purpose.

If they aren’t then you’re just wasting your time.

Some days back in my corporate job where I was receiving hundreds of emails a week, it felt like I was playing a game of Tetris, especially towards the end of the week when they came in thick and fast.

Although I was taking action and responding to emails, I wasn’t focused on what mattered the most, I was focused on what I could action quickly.

Has that ever happened to you: feeling busy doing stuff but not really getting anywhere?

Maybe you’ve been putting off important tasks, like those nerve-wracking sales conversations, only to realise later that of course it’s affecting your bottom line.

Trust me, I’ve been there—lots of coffee chats but not enough follow-through on the sales front, resulting in zero income during the first 3 months of my first business.

Whether you’re taking action or choosing not to, each move you make shapes the path your business takes.

So, how do you navigate through this?

Clarity and purpose are key.

Reconnecting to why your business exists, and what it’s here to achieve is the starting point.
It’s not just about setting goals; it’s about tying those goals to a bigger picture, and giving your team a clear vision to rally behind.

As a leader, it’s your job to communicate this purpose to your team in a way that they can connect with it.

Because when everyone understands how their work contributes to the bigger picture, it adds meaning to what they do and helps to keep them engaged.

This clarity also makes decision-making easier for everyone involved and after all, isn’t that what you want from your team: the ability to make decisions for themselves instead of looking to you for all the answers?

Once you set your team up to succeed, it’s time to turn the mirror back on yourself.

Just because you can do everything doesn’t mean you should.

You need to set boundaries and identify your priorities.

Focus on doing things that align with your goals, and be mindful of what you’re sacrificing by saying yes to one thing over another, especially when it comes to outside of work time.

Here are some questions to help you decide on your priorities:

  • What’s most important right now?
  • What can wait?
  • Is this action moving me closer to my goal?
  • If I say yes to this, what am I giving up?

Treat these questions like a matter of life and death, and put your energy where it truly matters.

Consistently aligning your actions with your purpose and goals helps you steer clear of the unproductive busyness trap.

This role modelling helps to create a culture of purpose-driven action within your team, fostering autonomy and engagement.

Remember, every move you make shapes your business journey—so make sure to make each one count.

Ness is a Coach and Mentor for women in business. With extensive experience in executive leadership, she started her own professional coaching business 7 years ago and since has worked with women to help them create business and financial success on their terms. 

Ness is 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.  

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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.  

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The Importance of Stepping Back in Business

The Importance of Stepping Back in Business

Have you ever felt like you’re constantly caught up in the hustle and bustle of your business? 

It’s not uncommon to get stuck in the busy trap.

After all, you’re the leader in your business and not only your clients, but your team want a piece of you.

Sometimes there’s just not enough to go around, and still have time left over for you.

But here’s the thing: you need to break free from the hustle culture and prioritise your well-being. 

It’s not just about what you’re doing; it’s about who you’re being.

What do I mean by that?

Well, a couple of months back, I had a wake-up call that made me realise the significance of stepping back. 

Although not physically burnt out, I was mentally burnt out. 

It had been years since my last proper holiday, and I hadn’t given myself the time and space I needed to reset. 

I discovered that burnout isn’t just physical; it can manifest mentally and emotionally too.

It took stepping away and having a break to truly understand the toll it had taken on me.

If you’re anything like me, taking time off can feel guilt-inducing or impractical. 

You may believe that you should always be in the business to keep it growing or that you can’t afford to go on a holiday (financially and time wise). 

But it’s important to challenge those beliefs. 

Taking breaks and creating space for yourself is crucial to your well-being and the success of your business.

When you step back, you give yourself the opportunity to fall back in love with your business. 

It renews your excitement, sparks creativity, and helps you see the bigger picture. 

Stepping back also provides clarity. 

It allows you to evaluate your progress, reassess your goals, and make necessary adjustments. 

Plus, when you’re rested and rejuvenated, you bring your best self to the table and the flow on effect of that is an increase in productivity and overall performance.

To truly embrace the power of stepping back, it requires both a shift in mindset and practical planning. 

Start by examining your beliefs around taking time off. 

Are they holding you back or propelling you forward?

Challenge any negative or restrictive thoughts and replace them with empowering beliefs.

Next, take action by scheduling breaks and retreats in your calendar. 

Whether it’s a holiday, a weekend getaway, or a solo retreat, make it a non-negotiable. 

Consider finding a biz bestie or accountability partner to share this journey with, or even treat yourself to a retreat in a new and inspiring environment.

Remember, if you want further guidance and support in your journey to break free from the hustle and achieve clarity in your business, reach out and book a clarity call. 

Let’s thrive together!

Ness is a money coach, helping businesswomen like you gain clarity over your financial goals, building wealth and financial security for themselves.

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Are you heading towards burnout? Here are 5 tips to avoid it

Are you heading towards burnout? Here are 5 tips to avoid it

The hustle and grind of running a business can be tough at the best of times. 

Let’s be real, especially when it’s your own business, it can be easy to fall into the trap of thinking that you need to be working all the time to keep things running smoothly. 

But the truth is, working too much can lead to fatigue, resentment, and ultimately burnout.

If this sounds like you, you’re not alone. 

The US Chamber of Commerce found in a 2023 survey that 48% of small business owners have experienced burnout in the past year.

The common causes of entrepreneur burnout include: 

  • long working hours, 
  • high levels of stress and pressure, 
  • insufficient work-life balance, 
  • lack of support, 
  • unrealistic expectations, and 
  • the constant need to adapt and evolve in their business environment

In 2019, the World Health Organization defined burnout as: a syndrome… resulting from chronic workplace stress that has not been successfully managed. 

And it can show up through symptoms such as:

  • insomnia, 
  • irritability, 
  • fatigue, 
  • high blood pressure, 
  • emotionally drained
  • physically exhaustion
  • excessive stress, and 
  • sadness. 

So how do you avoid burnout? 

Here are five tips to help you avoid the debilitating effects of burnout.

1. Set boundaries

Set specific times when you will and will not be working. It’s also important to schedule time for yourself outside of work, whether it’s going for a walk, reading a book, or just relaxing. By setting boundaries, you’ll be able to disconnect from work and recharge, which will ultimately help you avoid burnout. 

To find out how to set boundaries, read this.

2. Focus on self-care

Self-care is about taking care of your physical, emotional and mental health. It can include exercise, eating a healthy diet, getting enough sleep, and taking time to relax and unwind. When you take care of yourself, you’ll be better equipped to handle the stress of running a business.

For inspiration on practising the art of doing nothing, listen to our podcast here.

3. Delegate responsibilities

It’s important to remember that you don’t have to do everything yourself. In fact, when you try to take this role on, you become the bottleneck in the business. By delegating tasks to others, you’ll be able to focus on the most important things and will also be able to give your team the chance to grow and develop.

Find out how to fix the problem of being the bottleneck in your business here.

4. Follow a system for planning

People who are burnt out spend a lot of time worrying about not having enough time to do something or forgetting something important. It’s crazy to expect that you can park everything in your brain to remember (because that’s a sure-fire way to wake up at 2am realising you left something off your mental list!). Instead, find a structure that’s simple and works for you to map our what matters the most. Then stick to it like glue!

Need help to set up a system for planning? Check out our resource on how to create your 6 month business plan in just 60 minutes here.

5. Seek support

Finally, it’s important to have a support system in place. Running a business can feel lonely, but it doesn’t have to be. By surrounding yourself with a supportive community of friends, family, and colleagues, you’ll be able to share your experiences, get advice, and find support when you need it.

If you find it hard to ask for help, then reading this might be helpful.

Remember while burnout is rife, it is also preventable. 

Implement these tips today, and if you want more hands-on support DM me and let’s start a conversation.

With an instinctive curiosity for human behaviour, over 20 years of experience in sales and leadership, Nicky and Ness are obsessed with helping women in business break the cycles that hold them back from creating profitable businesses they love, without sacrificing time or life. 

Each having run their own successful coaching businesses for 7 years, they came together to start Business Together working with female led, service-based businesses with teams.

Their clients have often experienced rapid growth not being able to keep up with the systems, structures, and team growth. As a result the business owner gets stuck in the busy trap, they’re juggling all the balls in business and find themselves in a place of business chaos. 

If this sounds like you, book a complimentary chat with Nicky and Ness to see if they can help you find time freedom again, get peak performance within the team and have a focus on smart growth in the business.

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