How to keep your Small Business from joining the 50% of companies that fail within 5-years. Small Business Show episode 126

Longtime listeners of the Small Business Show know that we embrace optimism with a passion. However, today we’re talking about failure. Specifically, why Small Businesses fail and how to avoid it. Dave and Shannon jump right into today’s Small Business Show with a discussion of your ROE, or Return on Energy for projects within your business, or new ideas that may not make you a profit, but can make you a better person and help to increase your energy levels throughout your Revenue Stack. Then, it’s on to a detailed discussion of a report published by Small Business Trends that focuses on why businesses fail. The great news is that there’s never been a better time to start a new business, however, studies show that about half of all Small Businesses will fail within the first 5-years. Half! We think that number is much too high, so we’re digging into this report to help you avoid the pitfalls of the “other” 50% of Small Business owners that won’t make it to their 6th anniversary. Listen in to episode 126 of the Small Business Show to learn how to adapt, how to change, when it’s time to trust your gut and how to build a culture of change within your company. Join us, then click over to the Small Business Show Support Group to share your comments! Chapters/Timestamps 00:00:00 Small Business Show #126 July 5, 2017 00:00:54 Small Business Support Group 00:01:10 “Return on Energy” – ROE 00:03:16 Always chasing $100 bills 00:04:05 Half of all Small Businesses Fail Within 5 Years 00:05:00 Restaurants do not fail more than other businesses 00:05:47 Don’t make assumptions that customers aren’t going to like your product 00:06:30 If you’re not adapting, you’re failing 00:08:03 You’re making a choice not to change, too. 00:08:47 Trusting your gut 00:11:36 Building a culture of change 00:13:30 A Players hire A Players… B Players hire C Players But if an employee can’t adapt, you need to leave them behind 00:17:21 Transparency with your employees 00:19:17 99.7% of all businesses in the US are “small” 00:20:50 Only 19% are outcompeted Rework Make your customer experience unbelievable! Cash is King 00:24:33 P&Ls are living documents 00:25:10 Don’t ignore your customers 00:26:40 Listen to your customers 00:36:53 SBS Outtro The post How to keep your Small Business from joining the 50% of companies that fail within 5-years. Small Business Show episode 126 appeared first on Business Brain - The Entrepreneurs' Podcast.