I read in a recent article (link below) that ‘Britain is a booming nation of startups’, the scary truth though is that on average 60% of these start ups will go under within the first 3 years.
Now stats like these aren’t new, as a business coach, I am completely aware of the many reasons for this high rate of business failure.
And for most it comes down to a lack of support for small business owners that so often means the difference between success and failure.
It’s great to encourage the entrepreneurial spirit and start ups, but without the right support to new business owners, the personal / social and economic costs can be huge. Businesses of course fail for many reasons, but as the article states:
“Many promising new ventures are coming undone because of a lack of understanding of basic managerial and financial concepts; managing cash flow, managing inventory, motivating teams, responding to predatory competitors, the list goes on…”
“It’s not enough to be passionate about a new product or idea, or even a hard worker. All too often companies fail due to bad management, even when the idea behind the business is sound. Which means that society – and the economy – lose out.”
It’s all too easy to see how this plays out in reality… someone, highly skilled in their profession or trade, decides to branch out on their own. They are very knowledgeable about their product or service and know their market sector. But then comes the reality of being a small business owner and all of a sudden they are wearing multiple hats that they don’t have the knowledge or experience to deal with. Managing finances, cashflow, marketing, recruitment, team development and so on.
I am a small business owner myself, so I know full well the challenges! But I am also fortunate enough to be part of an organisation whose whole mission is to support small business owners through the hurdles of growing a business and so have a wealth of knowledge and expertise at my fingertips!
ActionCoach was born out of this exact scenario and business coaching has helped tens of thousands of small businesses flourish rather than fail.
I am doing my bit locally to support others in their ventures and try and demystify the business coaching industry. The support is out there, you just need to know where to find it….
Think of it this way, if a top athlete wants to get better at what they do they have 2 choices:
1. They can slowly learn through trial and error and they may figure it out before it’s too late… or they are too old!
2. They get a coach that can look at what they are doing and help them find all the little changes and tweaks that can make the difference between winning and losing!
The full article can be read here….
If you want to find out more about the services we offer to support small business owners, visit our programmes page for more info…