It might be a sad fact about today’s world and the economic pressures many businesses face on a daily basis, but Forbes has reported that a shocking 80% of all new business start ups fail in their first year. Obviously, if you’re starting out in the world of businesses and you have the entrepreneurial foresight to want to start up your own company, you shouldn’t let this deter you. However, you might want to follow the three pieces of advice below and help your business to be one of the 20% of those that pass their first year and become successful, thriving companies.
Construct a Business Strategy that Is Dynamic, But Rooted in Strong Values
You might be confident that your business plan is just what the doctor ordered, and therefore have it set in stone. Unfortunately, however, things never go the way you want them to, and unless you have a degree of flexibility in your business strategy, you’ll likely be faced with a number of very challenging situations. If you need any help or advice with your business strategy, ask the professionals at a company like Evolve Consultants, who will be able to guide you on how to make your business more dynamic and flexible.
Make Your Business Process-Driven, not Talent-Driven
Second, it’s important to embrace processes in your company. There are two distinct types of business: those that rely on the capabilities of their talent alone, and those that supplement the abilities of their talent with a process-driven philosophy. If you do this property, you should be able to get accurate reports on every aspect of your workflow, and this means that if something starts to slip, you’ll immediately be able to see how to improve.
Only Hire the Right People for the Role
Finally, the team that you surround your business with are equally as important as the business itself – in fact, they’re integral to it. A great way to ensure you only take on the best team members is to hire them as interns first, and then only take on the best of the lot. This will give you a much better understanding of how the individual works alongside your other colleagues, as well as how well they understand the role you wan them to perform.
So there you have it: three great ways to make sure your business is fail proof.
It’s a shocking scary figure definitely, but this shouldn’t deter anyone from taking the plunge. As long as you have a great idea and you’re willing to work hard for it,and as long as you have your heart in the right place, then there’s really no way that you could fail. I believe that a good percentage of this 80% probably threw in the towel prematurely, too, so that really should be another thing to consider. Sometimes, if you just hang on a little bit more, things could start to turn around for the better.