53% of businesses cease trading in under a year after the loss of a key person. Why? Often the effect the deceased individual had on turnover or profit was so great, that the business can no longer continue without them. There could also be litigation, brand damage and liquidation issues to contend with which can ultimately lead to business failure.
In my experience many of them go through 5 distinct phases which I have decided to call The 5 Phases of Failure (yes - shocking title I know!). Here’s a very brief summary of the 5 phases of failure...
Build a website (then realise that traffic is hard to get)
Attend networking groups and events (until you find that they are attended by the wrong type of people for your business)
Switch to LinkedIn (until...
As a business owner, it can be so easy to get caught up in external situations and thinking about others in order to make the business happy that you forget to prioritise yourself and your goals. What about your own happiness?
Coming up with a business idea is one thing, but becoming an entrepreneur is something else entirely. No you don’t have to have a passion for what you are doing as so many entrepreneurs like to advise, but you do need to have the determination to make what you are doing work. You need to be able to execute your business idea, and the ability to focus on your priorities or you will end up with burnout before your even onto your first sale.
Getting workplace wellbeing right can deliver numerous benefits for companies - and results can become evident quickly. Positive effects include: greater staff loyalty and retention; increased productivity and creativity; lower absenteeism; stronger bonds between employees and employers and, ultimately, a healthier and happier workforce. Here are six simple ways you can boost wellbeing in your business.
In order to effectively create a content strategy it is important to know and define who you want to be reading your content. I.e your customers and potential investors. It’s vital that you imagine who your reader is when deciding what to write and how to write it. What is their demographic, age, income and interest in your company. Then you can segment your audience directing the right people to the right content.
The company might be growing, but while you evolve, you need to make sure you aren't biting off more than you can chew, after all sudden rapid growth is a common reason for start-up failure. Here are some tips for SME growth.