Just starting out your business and wondering how successful you'll be in five years. Well Keeping Your Balance wants to help you on the road to success! Starting a small business is not an easy feat especially in such a competitive market place.
Sometimes it's not necessarily the tasks at hand but the mental ability to remain flexible, calm and informed when making essential business decisions that propels a start-up into a successful well known company. As Entrepreneur notes the growth of a company can be a lot like running a marathon.
Statistically speaking more than 50% of this year’s startup businesses will fold within three years and 75% won’t last five. However, 25% of the companies starting out this year will still be serving their clients in five years.
Three traits Marathon Runners and Start-Ups have in common! It's all about the 3 Ps.
Always be prepared! At least that's what the boy scouts and most mothers keep telling us. It just so happens that being prepared is a good part of being successful. There are many things that you need to think about before you're ready to jump right in on growing your clientele and promoting your products and services.
- Do you have the right people on your team?
- Are you working with the right partners?
- Does your product fit the market place & how will you differentiate yourself from competitors?
You need to put yourself in the right frame of mind to manage a successful company without getting overwhelmed or burnt out. Remember in the beginning stages it's the business owner that sets the pace for the company and is in charge of ensuring the quality of their products and services and growing their customer base.
Take each one of your goals one at a time, maintain a flexible attitude and be patient enough to make sure each milestone you encounter builds upon the previous one.
Things will not always go your way but successful companies tend to always have a back up plan and a positive attitude. Don't give up just because your first plan didn't go exactly how you expected.
KYB founder Becky Brown comments, "I learned not to go the cheapest route but to go the best route. Invest in education and training for yourself and your employees and use the latest and best software to make your business's operations extremely effective," Read more on how KYB was born.