Did you know that the average business lasts just 10 years?
The link doesn’t offer any further information than that, but the researchers believe that no matter what business sector you’re in – the average business will last 10 years.
If you think about local businesses that you know have closed – it might seem even more sudden than 10 years. But Why?
Why do these businesses fail?
Why Do These Businesses Fail?
We believe one of the biggest reasons as to why a business fails is because the owners personal life ‘gets in the way’.
It’s not unusual to see owners quickly take on more work than they can handle, and at some point have too much to think about.
So when added personal stress and struggles come flooding in – when life hits hard … understandably, people press the eject button.
So, What’s The Solution?
Some people’s advice would be this – blank out the problems in your life, and keep your mind focused on the business. Your business needs to be your life if it’s going to succeed.
Although this seems stoic and resolute, it feels like a cold approach…
It says that to be a business owner you must put aside everything else and make your business your life in order for it to succeed… and that doesn’t feel right.
Balance – that feels right. That’s what we are all striving for.
A life where you can enjoy both the personal and the work… Where they complement one another and bend to each others demands, as and when.
But is this balance that we’re striving for possible… and if so, how do you achieve that?
Here’s The 1 Thing That Will Help Your Business Survive When Life Hits Hard:
It boils down to whether you can answer this question with a resounding YES:
Q: If something were to happen to you? Could your business continue?
Let Me Explain…
There is a value that only you can add to your business – that’s what makes you unique and unlike anyone else. But your business cannot rely on you alone to keep it afloat… or else it will probably sink one day.
The second your personal life hits, and takes you out of the business, you’ll have no choice but to press the eject button.
The business needs to be able to survive if you’re not there to do certain things for a period of time.
Think of it like a pair of shoes – you don’t need to find someone that will fit your shoes perfectly, but you do need to find someone whose willing to walk a mile in them and survive the blisters that will come with it.
It could be a friend, family, a member of staff – even a business partner? Anybody who is willing to step in, and keep things ticking along until you’re back on your feet.
This allows you to take that needed time off if you have a bereavement, a sudden illness or – perhaps one day, you just want to take a well earned break.
Here’s our advice: Plan for the hard hitting, personal times when things are going well – so that when hard times do come, you’ve got a plan in place, and your business can survive if you need to step away at all.