Five Business Challenges You Must Overcome To Be Successful
Five Business Challenges You Must Overcome – A Proven Framework For Professionals, Entrepreneurs, Startups, SMBs and SMEs
Starting A Business Today Is Easy
The great news is that the investment required for starting a business today is low, where accessible knowledge, affordable technology and a global reach is possible.
It’s Growing and Scaling One, That Is The Real Challenge
Depending upon the source, there is a lot to be said about the failure rate of business…
- 80% of entrepreneurs starting a business fail within the first 18 months. (Forbes)
- 50% of startups fail after operating for four years. (Statistic Brain)
- 66% of small businesses will fail within 10 years. (Tutsplus)
- 50% of small businesses fail after five years. (Small Business Trends)
- 3 out of 10 new companies “fail to survive” for more than 24 months. (Wasp Barcode)
- Only 33% percent of startups reach their 10 year anniversary. (Credit Donkey)
- Only 1 out of 5 new businesses survive past their first year of operation. (USA Today)
- Fewer than 50% of businesses survive more than 5 years. (Fundivo)
Regardless, we have to accept that businesses do fail (check this article out), so the question is, will it be your business, and importantly, what do you have to, to avoid failure and instead, Grow & Scale your business?
That’s Why In The New Economy You Must Think Differently
What we find with entrepreneurs and business founders, is that there is typically a bias towards a specific aspect of their business. This may be in “creating”, or it may be in “doing deals”. The bias could also be in operations such as tech stuff, or crunching numbers in spreadsheets. Either way, what happens is something, or several things get neglected.
This neglect, then becomes the Achilles Heel, or blind spot and often leads to overall business failure.
To counter this bias, and therefore help entrepreneurs and business founders be successful, we identified the five critical areas that they need to manage constantly.
We call these The Five Imperatives Of Highly Successful Business™…
The Five Challenges You Need To Overcome To Grow and Scale Your Business Fast For The New Economy – Industry 4.0…
Challenge 1 – Get More Customers By Providing High-Value Products and Services That Has You Standing Apart From The Competition
When you create your own “category of one” for your professional brand or business, you stand out from the crowd. This is the Imperative Of Strategy…
Challenge 2 – Increase Sales For Your Business By Setting Up Multiple Ways To Drive Conversion
When you set up multiple ways to drive conversions, you increase opportunities for more sales. This is the Imperative Of Sales…
Challenge 3 – Reduce Your Business Costs By Building Critical Competencies
When you build the critical competencies in your business, you ensure optimal customer experience and business efficiencies. This is the Imperative Of Service…
Challenge 4 – Improve Profits By Developing Business Acumen and Being Commercial
When you develop business acumen and become more commercial, you start to raise the standards of your business in a way that brings certainty and assurance. This is the Imperative Of Support…
Challenge 5 – Maximise Business Value By Being Systems Focused and Executing Consistently
When you become systems focused and execute consistently, then you start to put into play the fundamentals of creating an “asset”. This is the Imperative Of Sustain…