Based on a recent study by Forbes, 50% of small businesses fail within the first 5 years.
20% fail within the first year, 30% in the second year.
The key question to ask ourselves is: Why?
Forbes research shares the following Top 2 Reasons…
The #1 reason is: businesses run out of capital before finding ongoing success.
a.k.a. Not selling enough. Not attracting enough customers. Not retaining enough customers.
This is all related to the Front-End of your business: Marketing & Sales.
The #2 reason is: lack of market need — or product/service-market fit.
This can be avoided by learning more about Product-Market Fit and optimizing for success in the fastest way possible.
Let me share a harsh truth with you:
- If you aren’t selling enough: your business is dying.
- If you aren’t continually attracting customers to sell to: your business is dying.
The Truth is… Marketing & Sales Feed the Business.
Hence, these are the areas that you should never starve.
If anything, this is what needs to be optimized the fastest so you can then focus on Product and iterating, innovating & systemizing everything else that comes in the Back-End.
This will all be related to:
- Marketing & Branding
- Sales & Customer Acquisition
- Customer Service & Support
- Product Development
- Systems & Operations
- Human Resources
- Strategy & Planning
- Finance & Expense Management
- Legal & Compliance
Plus much more…
