The First Three Years of Business – A Survival Guide

Nine out of 10 businesses fail in the first three years. You don’t have to be one of them.

The world around us has changed. The way we do things has changed. Those who adapted and responded when crisis hit, have managed to evolve and survive. Others closed up shop and moved on.

So we all know that having a good business plan and keeping an eye on cash flow are all key things to keeping a business afloat. 

What does it take for a business to survive in a post-pandemic world, riddled with uncertainty and flooded with developments like AI?

• Build and nurture a strong team

When it comes to strong teams, diversity is strength. Having multiple perspectives from people of different ages and backgrounds can make or break a business. Hire freelancers, get ideas from people who sit outside the box, favour experience, work ethic and curiosity over formal degrees.

• Become an employer of choice

Attracting and retaining the best talent and the best team for the job means offering a dynamic, forward-thinking work environment that actively practices what they preach. Flexible or hybrid working arrangements, growth opportunities and more are just some of the things the best are looking for when aligning themselves with a company.

• Be Open

Explore new ways of doing things, keep up to date with industry trends and market changes, and be open to making changes that will help you adapt. Being agile means being open to adapting and heading down the road less travelled to do what is right for you and your business. 

• Ask for help

Don’t try to do everything yourself. Ask for help and get the right people in to tackle the jobs and tasks you are not good at or just don’t have time to do. 

• Measure & Improve

You can’t change anything you don’t measure and you also can’t possibly know what is working well or not without analysing and measuring your efforts. Speak to your customers, find out what your team thinks, and have a look at the data. Always look for ways to improve, be open to taking some criticism and don’t delay in making decisions to shut down things that are not working so you can try something else. 

When it gets hard, don’t forget why you started and don’t give up. There is always another way: don’t be afraid to make tough decisions to help you get to the next step.

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