Will your business still be around in 5 years? And how do you make sure it is?
According to the Small Business Administration (SBA)* 20% of small businesses fail in the first year, 50% after five years, and only 33% make it to 10 years or longer.
When looking through the data behind this and other similar statistics, it soon becomes clear that there are four main reasons why these companies don’t survive:
- Lack of funding or financial management experience
- Lack of overall business management experience
- Lack of systems and infrastructure
- Lack of marketing savvy
The trick is to never stop learning
As a small business owner, it’s critical to have a fundamental understanding of basic business principles across the board, not simply in your one area of expertise.
When illustrating this to our clients, we often use the example of a hairdressing salon owner. We explain how a hairdresser doesn’t grow their business just by cutting hair; they also have to implement sales and marketing strategies and manage their finances properly to contain costs while increasing revenue. But for many small business owners, this type of business planning does not come naturally.
Understanding this, ActionCOACH globally runs a business development programme designed to close the knowledge gap business owners may recognise they have. And now we are excited about opening up this popular ActionCLUB group coaching programme for a second East Anglian cohort of delegates, starting mid-July 2021.
Rob Mellor, owner of Retro Alley Garment Printers and current ActionCLUB delegate, also acknowledges the gap exists.
We knew what we needed but didn’t know how to get there. ActionCLUB has helped to break everything down and put the jigsaw back together in a logical way.
**If you’re interested, you can watch more of what Rob has to say about ActionCLUB in the video at the end.
We know it can sometimes be challenging for start-ups and entrepreneurs to work alone on their business and we also know that there is real value in having a forum where they can share their ideas with other business owners, learn strategies for growth and understand the principles behind implementing those strategies effectively.
The next ActionCLUB Chapter…..
We’re really excited to be opening up the next ActionCLUB chapter!
It’s an affordable alternative to 1 – 1 coaching and offers delegates a complete and practical business education through twenty sessions over 12 months that cover everything in business from lead generation to customer service.
Aimed at comprehensive business development that builds a strong foundation around all the key fundamentals of business, this programme is based on tried and tested step-by-step business strategies that can be implemented in any business straight away. The business strategy sessions are interactive and activity-based, with an emphasis on learning by doing. ActionCLUB participants are encouraged to put their business strategies into practice immediately and provide feedback on their successes and challenges in the fortnightly workshops.
The programme also includes access to four quarterly GrowthCLUB workshops, where participants map out their 90-day plan, set goals and detail any actions that may need to be taken to achieve those goals.
The ActionCLUB programme consistently delivers results for both businesses and individuals. Trevor Edwards from T Edwards Home Solutions cites increased profits, reduced stress levels and more time to relax as some of the benefits he has realised from ActionCLUB so far.
The key to long-term survival is to focus on the direction you want your business to move in and then to gather momentum to begin the journey. ActionCLUB is often just the impetus needed to kickstart that momentum.
If you are interested in finding out more about ActionCLUB, contact ActionCOACH Bury St Edmunds at ContactBSE@actioncoach.co.uk, or call 01284 334099.