According to the Washington Post, about 50% of small businesses survive 5 years and as time goes on, their success rate only decreases.
Which leads me to my question; In a country built on entrepreneurship, why do so many small businesses fail to keep up the pace? Yes, I know, there is no one answer.
Every business owner has a visionary goal, it’s what pushed them to establish their business in the first place; but, not enough business owners are planning for the future or creating a strategic initiative that will secure their business’ future. The bottomline is that not enough business owners ask for help – even when they know they are struggling.
Roughly 42% of small business owners have yet to seek advisement from a business growth mentor. Business mentors can have a tremendous impact on early-stage start-ups, their experience can save business owners from making mistakes that may have otherwise caused the business to drown.
From my experience in teaching and networking, I all too often encounter business owners that are juggling too many balls, they’re overwhelmed, frustrated because they’re not making the money they’d like to make or living the life they thought they would have when they “became their own boss”, and yet, they resist investing in themselves, and, ultimately in the success of their business. If you are one of these people, I highly recommend researching the benefits that a business mentor or advisor could have on your business. If you are truly cash strapped and cannot afford to hire someone to work with you one-on-one in your business, reach out to your local SCORE or SBA. I know when I hit the “Y” in road with my business and I was unsure how to proceed, I hired a two mentors, created a mastermind group and I reached out to my strategic partners and networking colleagues for guidance.
My advice to business owners who are struggling, who want to make a change: Do your research so you can identify what makes a good mentor for you.
A business consultant should…
- Provide guidance, creating a growth strategy takes an investment of time and energy, it means analyzing where the roadblocks are and clearing them out of the way.
- Keep you focused on the critical aspects that have a direct influence on success.
- Offer knowledge, business consultants are skilled and intuitive in the world of business. Their expertise should help guide your business on the path toward success.
- Give insight, sometimes we all need a dose of reality to re-evaluate what is and is not working.
- Lastly, your consultant should provide structure. When you are feeling discouraged a growth advisor is there to push you back onto the path toward success.
One last fact for you to stew on – roughly 70% of small businesses that do receive mentoring will survive more than 5 years.
Maureen Jacobson transforms Business Owners into Peaceful CEOs through developing goal oriented action plans for a more harmonious, abundant work and home life.