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Strengthening Your Business

5 Hidden Nuances that can Destroy Your Business

The statistics are sobering: only 49% of new businesses last five years or more, and only 34% last 10 years or more.

Why the heavy attrition rate? Many experts have addressed various reasons businesses fail, citing inadequate cash flow, high overhead costs, bad management practices, poor credit, and too-rapid expansion as key factors. However, in our many years as seasoned entrepreneurs, we have identified five less-obvious factors that can completely destroy a business if gone unaddressed. These are particularly critical when just starting out, but they can spell disaster for a business at any time.

1. Not Being 100% Committed

In the early years of starting a company, most business owners feel stretched financially. Many combat this by developing a contingency plan: they either work at night or on weekends at another job just in case their business fails. However, by straddling the fence, you are tacitly giving yourself the option to fail. The “hidden nuance” here, which could have destroyed both our businesses, is that if you are putting time and effort into a back-up plan, you cannot make a full commitment to your business.

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