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 Sales and Business Leadership Coach with over 2 decades experience in sales and leadership. She’s been running successful coaching businesses since 2015 and is obsessed with helping business owners and teams thrive. She helps her clients install smart business growth strategies and leverage leadership for peak performance.

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