Are you running a successful business?
After all the numbers tell the story.
* A new business will fail in the first year of business 20% to 24.2% of the time.
* In five years 48% to 50% of new businesses fail.
* In ten years 65.3% businesses fail.
One of the top reasons is the lack of preparation.
A large portion of small and medium sized businesses do not have their processes documented, are not able to clearly show a future growth potential and are not able to have actual documented positive financial results during the years of their operation. These combined items makes the business unattractive to potential investors or banks for credit lines.
What are five of the top elements to running a successful business?
I have worked in various corporate roles and have owned a couple of small businesses over the years. For the most recent twenty plus years as a speaker, coach and trainer I have found the companies that consistently focus on these five areas have remained in business, grown in their areas of expertise and continue to strive to do better.
Each of these areas make a difference, however, in combination together they are a winning formula.
In summary, the five top elements to running a successful business are:
- A solid Vision and strong Leadership
- A well-defined Business Strategy
- Effective Sales and Marketing
- A Customer Focused Approach
- Stable and solid Financials and Financial Management
If there is one more element to add – and it is a critical one –
* Creating an Employee Culture built on Values, Teamwork and Mutual Respect
In my work with my various clients and partners, together we get right into one or more of these areas at a pace and timing that meets the plan we develop together.
For the next few articles I’ll explore one of these areas and offer some practical tips and advice which may be utilized by any organization right away.
If you recognize certain elements you are ready to get to work on now in your organization contact me HERE and we will set up a call.
Wenkroy International LLC is a Professional Advisory company with a main purpose of helping entrepreneurs and business people create the strategy, the plan and the steps necessary to achieve that person’s vision for their business and often their life, while navigating the obstacles which may be blocking them from reaching their goals. The process may involve one on one coaching, advising, laser focus days, personal growth workshops and more. The methods utilized are determined together. The results and value positively impact individuals, teams, divisions and across entire companies. People are now able to focus on what matters most to them, because, they have clarity on where they are heading.
As always share the information in this article with people you know.
