Do you think that you are the only one who can do everything right in your business?
If you answered yes to that question, I know you need to re-think that answer. I type that because if you think that you are the only one who can do right in your business, there is a big possibility that you are going to fail.
According to Industry Canada; current survival rates for small and medium-sized businesses in Canada decline over time. About 85 per cent of businesses that enter the marketplace survive one full year, 70 per cent survive for two years and 51 per cent survive for five years.
You may be saying, ˜I am a second-generation business that doesn’t affect me.” Well here are some things you need to be aware of;
- A sense of entitlement – in other words as a new family owner you feel you don’t have to work as hard and learn new ideas to keep growing the business.
- Plain laziness – is usually tied to the first point.
- Lack of interest – when a new family owner is often handed the reigns of an established business a lack of concern can creep in at times.
So no matter the term-length of your business, isn’t it time you become more aware of the challenges you and your business will face?
What are you going to do about them?