The average lifespan of a small business is not long.
The average lifespan of a small business is not long. 32% of small businesses are 5 years old or less. So, it is to your advantage to do everything you can to boost business longevity. Here are three ways you can put the odds in your favor...
How To Ensure Business Longevity
When you own a business, you are responsible for everything under the brand name, even if it’s something you have not had a hand in personally. It can be challenging, but it’s important to consistently look to the future ... to anticipate your business needs before they occur.
Let's examine some ways you can look to the future for your business and avoid times of sacrifice and hardship. Here are three smart things small business owners need for business longevity.
Correct And Safe Tools And Equipment
Your employees will use the tools and equipment that you supply for them to provide for your customers. So it is in your best interest to give them the right tools to complete their jobs in a safe manner. This will contribute positively to efficient productivity.
Time is money, and productivity means success. By keeping your employees both safe and happy while doing their jobs is essential -- especially if they interface with customers. Additionally, you should always have spare parts for the equipment, and any spare tools that would keep your operations processes running smoothly all year long.
An example: A company using heavy machinery to produce a product of this might keep shell and tube heat exchangers on hand in case something malfunctions. Some may keep spare products ready to ship in case some end up damaged.
Helpful Services
It's also your responsibility to see all areas of your business are running smoothly and accomplishing their missions. You will need staff in-house or to partner with experts for needed services like:
- Marketing
- IT
- Human resources
- Accounting
- Grounds maintenance
And potentially other tasks.
It's great if you can hire these in-house. If not possible, or outsource these duties. Either way you’ve got your bases covered.
If you choose outsourcing, then take a look at the reviews of the company that you are looking to hire. Avoid service providers that do not have favorable reviews. You need the work done well and the job done right and with care.
One major mistake business owners tend to forget or try to skip is insurance. If you want to ensure longevity in your business, you will need to be insured.
It may be wise to get special insurance such as key man life insurance insurance. How can this help? This type of insurance provides financial protection for a business in the event of an owner's death. It’s often overlooked, but important for every business owner.
Strong Leadership
This means you. You are the leader and your company depends on you displaying strong leadership. All successful businesses have a strong leader at the helm.
You might think that you are a strong leader, but times change and society evolves. It is a good idea to re-evaluate your skills every few years. Consider taking a leadership course to give you more confidence.
Not everyone is a natural born leader and there is absolutely nothing wrong with that. If you feel your skills could be strengthened reach out for a little help. Contact an executive business coach that has expertise in the area of leadership you are working to improve.
Business Longevity Increases Potential Funding Opportunities...
...and implementing the concepts above will bring you business longevity. So, your potential future financing options go hand-in-hand with nurturing your:
- Safety and equipment
- Service contractor relationships
- Leadership skills
Keep looking forward and consistently work to continue improving those areas within your company.
2 Replies
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Marketing is by far one of the most overlooked things to do for new business owners. Having a store front or location does not bring business. Opportunities are made, not given. Thank you for this great article Keri.
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Hi there, Couldn’t agree more! Thank you for sharing your thoughts, ~Keri
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