So you've started a small business
Starting a small business is exciting!
- You are your own boss
- You control your own time
- Your financial future is in your own hands
Your small business is now one of the 97% of businesses in Australia that are small businesses. It sounds like you have a lot of competition, however the Australian Bureau of Statistics estimates that more than 60% of these businesses will have closed within 3 years. The question is, how can you make sure your business is one of the businesses that survives to take advantage of the market space left vacant by others?
The answer is contained in a report by the Australian Securities and Investment Commission, who wanted to know why a small number of businesses managed to survive 3 years while the majority don't. ASIC found that the biggest reason why businesses fail is that they have poor strategic management. The majority of these businesses went on to have inadequate cash flows to operate and eventually collapsed under the weight of financial losses.
So it's clear that what will set you apart and help you survive as other new businesses are closing down around you is solid strategy. You need the right strategy and you need the right metrics to track your performance against your strategy. Yet most businesses only have a vague idea of what their strategy is, perhaps something like, 'to provide great customer service', and have no idea what to measure or how to measure it!
This is where we can make a difference. We specialise in growing businesses and this month for just $200 we'll help you analyse your business strategy and the metrics you are going to use to make sure you are setting yourself up to become one of the small number of businesses that go on to succeed. To have an obligation free chat about how we can help you beat the odds and succeed, enter your details below and we'll be in touch.