performance improvement

While the numbers vary by industry and region, businesses start and fail at alarmingly high numbers. In the first 5 years, approximately 50% of businesses are at risk of failure (according to the Global Entrepreneurship Monitor). With 600,000 new businesses starting each year in the US, the Bureau of Labor Statistics data shows that only about one third of them will exist by year 10. If your business has made it past year 10, congratulations! You must be getting more right than wrong. Whether your business is in start-up mode, first stage growth, second stage growth or at a sustainable stage, this information will work for businesses at any stage.

There are many factors that can contribute to the success or failure of a business. Your business needs to be nurtured and supported, in some ways no differently than your health and well-being. Our health, something that we are born with, can be improved, maintained, and under certain conditions lost. There is no guarantee that early health will hold on its own and therefore we tend to support it and feed it, often through sleep, nutrition and healthy lifestyle choices. A business is no different – it needs to be fed. So, how do we do that with success in mind?

Over the coming months, we will dedicate content to examining Five Business Dangers that if left unchecked will lead to the early failure rates noted above. The Five Business Dangers are (not in any order):

  1. Leadership
  2. Human Capital
  3. Marketing
  4. Sales
  5. Financial

Business success and performance improvement depend on the execution of each of these. To get into the specifics of your business we’ll need to rely on your candid assessment. Without going into details, how well is your business being supported or fed in each of these five areas? Is it time to take stock to figure out where success or the lack of it is coming from?

As we’ve recently discussed the importance of a strategic plan, where do these business dangers show up in that plan, or do they? Remember your Strategic Plan is your roadmap to success, your GPS. Is it time to get your business running on all cylinders?

In subsequent months we will examine in depth  each of the Five Business Dangers. We will also provide a free assessment tool that will highlight specific gaps within the Five Business Dangers.

 Your Gateway to Performance Improvement and Business Success

If you’re feeling some pressure to address the success of your business, don’t wait – it doesn’t take more than a brief phone call…

David is an accomplished and experienced business professional who brings over 40 years of insight to the table. As a business coach, he specializes in helping business owners prioritize their needs. He can help you examine the health of your business and find critical areas which once addressed will result in performance improvement for your business.

It all starts with a single, free conversation. Call 734-726-5208 today for a free coaching session or contact David. Your life is waiting!