Did you know that in the UK, 80% of businesses fail within their first year of operating? In an article on SimplyBusiness.co.uk “Around 80 per cent of UK companies fail within their first year and, according to the latest figures from the Office for National Statistics, only 42.4 per cent of businesses started in 2013 were still trading five years later.”
How do we ensure that these 80% succeed?
Running a business is not easy and often business owners can feel sick of feeling sick and tired of not moving fast enough or moving in the right direction.
If you could visualise where you would like to take your business, the next conundrum is what are the steps to get to there.
From coaching many start ups and small businesses and also running my own businesses from ground zero to six figures here are some reflections that will help change this statistic to a more positive one.
These are 4 main areas to consider to get fast tracking these businesses from sinking to swimming.
- Finding the right coach who really understands core business principles. There are dozens of coaches for all different areas of business, mindset, leadership, marketing and the like. Coaching processes can take up to a year to 18 months and it’s all focused on results.
- Change. When working with a coach, if the entrepreneur is not open to change its an uphill battle. Sometimes all it takes is for the coach to highlight the blind spot and transform the direction they are headed.
- Structure. In the start up and early phase of business there is chaos. It brings struggle, anxiety and lack of clarity. In the corporate world they have clear goals, clear objectives When you’re building something from scratch, you have no idea, which is very stressful.
- Coaching can vary from person to person whether it’s for pitching advice, managing stress or work-life balance. The sessions I run help bring a clear roadmap and systems into someone’s business.
Each week we sit down to pinpoint what are the top priorities and goals and who is doing what (if they have a team of people). What you find is that stuff doesn’t get done in small businesses because there is lack of communication and overlap of people working on the same thing. If it’s a solopreneur its often the skills gaps and the limiting self beliefs that is the real issue.
The main thing in coaching is momentum to ensure that the work is done to keep moving the business forward to serve that audience. From there, tangible results can be seen which is sales and profit.
By Lisa Chee MBE
Lisa is a ‘foodie’ entrepreneur. She was awarded an MBE for selling her range of sauces to the Queen. Her restaurant was awarded Gordon Ramsay’s Best Local Chinese Restaurant and has co-authored 3 best selling cookbooks. Lisa now runs Start Up Coach supporting others on their entrepreneurship journey.