How To Avoid Business Failure

According to the U.S. Bureau of Labor Statistics, 45% of small businesses fail in the first 5 years of business and only about 25% of new businesses will ever make it to 15 years or more. But what can be done to improve these numbers? In this episode of the Business Gay podcast, that’s what host Calan Breckon is going to be talking about with today’s guest, Business Consultant Inbar Madar. Inbar is a seasoned consultant equipped with over a decade of executive corporate experience. She now utilizes her experience in roles like Head of Brand and Global Sales Director to empower small businesses to foster their own growth and success. Inbar's main goal is to reduce the staggering closure rates for self-owned businesses and is driven by a commitment to aiding minority-owned businesses and ensuring their longevity. As a business consultant, she offers tailored strategies and insights for the unique demands of each client and guides entrepreneurs toward sustainable profitability and success. With a strong emphasis on empowerment, education, and support, Inbar aims to reshape what entrepreneurship looks like, by fortifying the foundations of small businesses and helping turn aspirations into achievements. Watch on YouTube --- ► Today’s Sponsor is SparkLoop - Grow Your Email List Faster! Get a FREE Website SEO Audit from Calan: CalanBreckon.com/audit Join the email list for news and updates --- Links mentioned in this episode: MiBusinessConsulting.com StartOut.org --- Key Takeaways for quick navigation: [00:43] Profit Beyond Sales: Business failure ties to factors like pricing, client targeting, and operational costs, not just sales. [02:58] Continuous Learning: Entrepreneurial success requires ongoing education; address blind spots through proactive learning. [05:17] Mentorship Impact: Finding a mentor provides valuable guidance and prevents critical mistakes, contributing to business stability. [08:13] Financial Awareness: Ignoring finance tasks may lead to hiring unqualified professionals and business failure; business owners should be financially aware. [10:46] Transactional Loyalty: Loyalty in business should be rooted in mutually beneficial transactions, prioritizing financial sense. [14:55] Supplier Negotiations: Product-based businesses must negotiate costs with suppliers to maintain profitability, avoiding loyalty pitfalls. [18:17] Effective Marketing for Service Businesses: Service-based businesses must avoid scattering marketing efforts and focus on a strategy with higher ROI. [32:18] Diversify Revenue: Reduce vulnerability by diversifying products, services, or businesses for a steady income during economic uncertainties. [33:27] Loyal Client Base: Cultivate strong client relationships, offer rewards, and prioritize connections for continued support during economic challenges.