According to Bloomberg, the SBA and other industry experts, 80% of businesses fail within the first 18 months, 50% fail within five years and 96% of all businesses fail within 10 years. The journey to start, grow and sustain a business is a rocky road. But why? What can we learn from all those failures and apply to our own business ambitions?
There is one thing every business should do, regardless of size, and that is create a sustainable growth strategy. A sustainable growth strategy involves more than simply envisioning long-term success. If you don’t have a tangible measurable plan, you’re likely losing business or you’re increasing the chance of your competitors taking your business.