TCII :: Management Consultants

Recent government statistics have shown that approximately 30% of businesses fail within their first three years of trading, and by the tenth year this figure is as high as 70%. New businesses are clearly far more susceptible to the pressures of market fluctuations than long established corporations, but what can you do to prevent your business from failing and nurture a successful enterprise?

•    Have a vision and a realistic plan - Be clear about where your business is going and how you’re going to get it there. Many start-ups fail because they weren’t focused enough on what exactly it was that they had to offer their customers and how they could best deliver these products or services. It’s ok to make mistakes along the way, as long as their made while travelling in the right direction.

•    Set clear goals - As an addendum to the above, goal setting is an excellent way to work towards realising your vision for the company, and ensure that things are progressing according to plan.

•    The right people for the right jobs - When all is said and done, it’s the people in your company that will make the real difference between success and failure. Yet it’s not enough to have good people, what’s important is to make sure that you position your key staff in roles where they can do the most good, by matching them with job roles most suitable to their particular skills.

•    Be decisive - The head of a company is like the captain of a ship, and if the captain can’t decide which way to go the ship is going to head off course and go nowhere fast. Sometimes it may be necessary to be guided by the winds of business, but don’t be afraid to steer into the wind if your gut tells you it’s the right thing to do.