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In the unforgiving world of business startups, more than half of entrepreneurs fail within the first five years. Even more close their doors before they reach the ten-year mark.
For the small percentage of companies that do make it into double-digit lifespans, business may be good, but it’s not always great.
Unfortunately, many business leaders leave a lot on the table when it comes to their company’s growth. Those who have survived the harsh startup climate often know what it takes to survive in their respective industries, but they often become lost when it comes to sustained growth.
Why Do Businesses Fail?
Businesses don’t always fail because their product is unwanted or their service isn’t in demand. Many companies are forced to close shop because of a simple lack of business leadership.
All great business leaders have a vision, a strategy and a business plan. Those who don’t are leaving their companies susceptible to diminished potential and even eventual failure. In order to master the art and science of business leadership, you have to start with a vision.
You have to know where you want your company to be in the future. Ask yourself what your company is capable of bringing to a particular market? Simply selling a product or marketing a service isn’t enough; you have to know what your company can offer that no other company can.
After you have established your vision, you can focus on strategy. Since you already know where your company is headed, ask yourself how you want to get there. Moving forward without a sound strategy is a recipe for disaster.
Lastly, you have to have a solid business plan. Your business plan lays out the specific details of executing your vision, which is expressly tied into your business strategy.
It’s all about vision, strategy, and having a business plan. Each aspect is essentially useless without the other two.
You Don’t Even Need a Fancy Degree
Not everyone has an advanced degree or education in business, and looking at the success of many of the young tech marvels of our time, it’s clearly not a necessary component of successful business leadership.
Even without a degree, you can keep your company alive, but it’s not all about surviving in the business climate. Good business leaders know how to keep a company afloat, but great business leaders know how to make a company soar.
The Path to Becoming a Great Business Leader
All great business leaders have a plan. Proper business leadership is about how you see that plan through. You can learn to become an effective business leader while maximizing your profit, growth and employee happiness.
Always remember that running a business is an ART. You have to “Articulate” what it is you want to accomplish through formal plans, “Revise” your plans as you go along and always “Track” your progress.
With Plan Canvas, you can accomplish all of these things. If you want to stop surviving and start succeeding, contact us for more information today.