I was on a conference call the other day with some prominent and very successful PBCA business coaches from across the U.S. and Canada.  During the course of the call, the subject of business failures came up.  Based upon the statistics from the SBA and against popular belief, the majority of business failures don't happen in the first year, but in years 3 through 6.   Dun & Bradstreet (D & B) data shows the following statistics:

• 76 percent of new businesses were open after two years
• 38 percent of new businesses were open after six years

What might be the factors causing 62% of business closures after 6 years and almost 40% of businesses closures in years 3 through 6? 

The CBO study points to a combination of factors that play key roles in business survivability. They are recruiting, hiring and motivating the right people; obtaining and maintaining the right amount of working capital; and the motivation of the owner.  While there may be some debate, the motivation of the owner was seen as the most critical factor of the survival and results of a business.

Every business owner faces many issues that impact the ability to lead, manage, grow and profit from their business.  Can you recognize some of the major symptoms often seen that foretell of pending business problems?  Here are 11 symptoms that our coaches often see related directly to the motivation of the owner: 

1.      Lower levels of energy and drive.

2.      Lack of self-confidence causing a higher than normal level of risk-taking.

3.      Lack of business metrics and monitoring of performance against benchmarks.

4.      Inability to get other people to work with and for you productively.

5.      No real goals or unrealistic goals.

6.      Belief that others or events control your future.

7.      Believing that your past results, failures or mistakes must dictate your future.

8.      Lack of vision for the future of your business.

9.      Low standards or lack of a healthy competitive nature.

10.  Hiding and hoping that nobody finds out you don't know everything.

11.  Unwilling to seek assistance from a qualified business advisor. 

If you find yourself or a business owner you know with one or more of these issues, consider sharing these following tips: 

1.      Set realistic and achievable goals.

2.      Identify those beliefs that limit your business and personal fulfillment.

3.      Make sure that you're taking total responsibility  - all the time.

4.      Check to make sure your carrying a positive attitude.

5.      Develop a healthy self-confidence toward change and success.

6.      Emphasis success and decide what you want.

7.      Adjust your schedule to assure you're doing what is most important first.

8.      Get some assistance from a professional objective advisor, like a Licensed Professional Business Coach. 

9.      Do not quit : Your personal life and business can thrive if you're willing to change.

10.  Rest assured that nobody knows everything, but have the confidence that you can find the answers. 

If you want to talk, don't hesitate to call ThistleSea Business Development (724) 935 -1930 for a confidential, no-cost, no obligation initial meeting to discuss your business.  We have the expertise and tools to help you relieve the pressures of the business and improve your future results.