If you’re planning to run your business for 10 years or more, then resilience is something you’ll want to grow and nurture.
- Roughly 66% of small businesses fail within 10 years.
And the leading causes for these failures are:
- Cash flow problems account for 82% of failures. Such issues can have different root causes or their combination: lack of a business plan, pricing issues, lack of or poor budgeting, or insufficient financing.
- Poor understanding of the market, therefore not having the right marketing strategy. Or being too rigid and not changing fast enough with the market needs.
- Fast growth and with it the entrepreneur not being able to hire and lead proper teams or put systems and structures in place, allowing for controlled growth.
- Not being prepared properly to be a business owner and, therefore, not being ready to take on all the responsibilities that come with running a business.
So what can you do to prepare yourself to run a long-lasting and successful business?
Here are a few steps you can start taking now and never stop.
Learn some foundational skills you need to run the business.
Most of those skills fall into the following areas: marketing and sales, time management, strategy, leadership, money management, and technology.
Work on your mindset
Learning how to have your mind work for you, not against you, is one of the millionaires’ secrets. Even when doubt, fear, or self-sabotaging thoughts happen, the most successful know how to get out of the rut and shift their mind to self-belief, confidence, and enthusiasm. Collecting lessons and applying them without beating yourself up will get you closer to success.
As you read before, resilience is the process of adapting well in the face of adversity. Part of it sits in innovation. Entrepreneurs who have this skill, always look for better ways to serve their clients and run their businesses.
This is where the skills you acquire from self-development help you gain the knowledge of the market, and then the rubber hits the road with you applying all this to stand out of the crowd. That’s how you’re showing your Ideal Client, you’re the only one who can meet their needs best.
Build a support system.
No one can succeed without a proper support system. And by that, I mean two things: people who’ll help you and systems and habits that will help you be innovative, consistent, healthy, and enthusiastic throughout your journey.
The second part is system and habits, processes, and tools in your day to day that will support you as a business leader growing your business creatively through innovation without being overwhelmed or burned out
Don’t underestimate this part. Enthusiasm and motivation can get you started, but without the habits and routines, you won’t be able to keep going consistently. They’re vital in building your resilience.