As a Business Coach, often business owners ask if it’s true that 80% of new business may fail within the first 5 years. And what of those that still exist after the first 5 years? What is the main reason for these failures? Most importantly, what is the secret of a successful business?
It’s not just happening around the world, but also in Indonesia and there are a lot of reasons why these businesses failed. But if we focus on the 20% of businesses who are successful, then we notice they share some of the same characteristics:
They typically have:
1. A business owner with an open mindset and nature, and willing to accept the changes that occur and adapt to those changes.
2. A business owner who asks and seeks advice from people who are experts, consultants. They also ask people like their accountant, lawyer, or even sales and marketing experts, about how they can grow their business.
3. An owner who is willing to take advantage of changes in technology, economic progress and sales processes.
4. Awareness. Business owners who succeed are aware if their profit or cash flow has declined, and are ready and willing to make changes when necessary. They take immediate action in implementing changes in their business.
5. Systems. They have typically created a system that is easy and simple that can be applied in their business. And, in the presence of this system, the average business owner can focus on the growth of their businesses.
6. Culture. The successful business owner creates a good atmosphere and culture in their business. Communication between departments is well run, so the business has a solid team that works well together and is productive.
In the development of competitive business, all six of these things are necessary to support the success of a business. Working with a “Trusted Adviser” who can assist employers, so business owners can achieve their goals, is another method. A “Trusted Adviser” is now better known as Business Coach.