Small businesses lose control because they don’t take responsibility.
The small business survival rate after 5 years within the retail market is 41% based on Small Business Trends. Meaning 59% fail.
The survival rate for a services business is more dismal at a paltry 36%.
With all the current small businesses that start every day you have to wonder exactly what is the difference between the 59% that fail and the 41% that succeed?
I am a control freak…
One of the reasons is control. The more control a business owner has over their internal daily business functions and external factors that effect it every day the better opportunity they have to succeed.
But how do you find a way to control circumstances that might seem beyond your control? By taking responsibility for them rather than making excuses. Or worse yet just throwing up both your hands and proclaiming that is the way it is. That never solved anything. And will also help you lose your grip on control over your company.
We give away control faster than a Hare Krishna giving out flowers at an airport. Every time we will not take responsibility for an action or circumstance related to our business we lose some control.
There’s a good amount of help for small business owners inside the bag of control we give up whenever we don’t take responsibility for things. Yet we often tend not to chase after it.
Control = Responsibility…
The greater responsibility you’re taking for everything that happens in your business the more control you should have over everything that occurs within your business.
You can easily make excuses when things go south. The weather was horrible, the wholesale prices increased but I can’t boost my retails, the foot traffic was slow over the holidays, it’s difficult to get good employees, the advertising didn’t perform, and on and on….
There is certainly pressure to perform each day to make a small company run. When things aren’t going right pressure begins to add up and a good release is stepping away from the issues and blaming them on something outside our control. But any time you do this you lose more control of your business. And more control is what you want and need, particularly if times are challenging.
Who controls who…
It’s not as if these circumstances don’t effect businesses each day, they certainly do. It is the way you handle them.
Do they control you, or would you control them?
There is a parallel to selling here that is quite obvious. In selling, behind every no there’s a potential to address precisely why the consumer said no and turn it into a yes.
Exactly the same exists with circumstances that effect your company. If you take responsibility for issues that effect your business it gives you the opportunity to do something to fix them.
Chances are… if you are making a list of excuses, you’re not trying to put together a workaround or even a fix.
Take control! Put together a plan of action to fix each problem, reduce each problem, or innovate and develop a new solution which makes the problem obsolete.
Then you’ll have more control over your business and never become another small business casualty.