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The Bureau of Labor and Statistics notes that 20% of all new US businesses fail in their first 2 years. 45% of them fail within 5 years, and 65% during their first 10 years.
That means that of the 843,320 new businesses that started in 2021, about 168,664 have or will have closed their doors by the end of this year.
Scary stuff if you’re a fledgling entrepreneur.
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There are a myriad of reasons a business might not last.
How do you avoid these common pitfalls and increase the odds of business success?
There are ways to ensure a long and lasting future for your business. A solid diagnostic is a big one. Just as you monitor your own health by regular evaluation by a doctor or other healthcare professional, business owners should be conducting regular check-ups on the health of their teams, plans, and goals.
An excellent way to keep your finger on the pulse of your company is by conducting a regular Organizational Health Checkup.
An Organizational Health Checkup is the systematic process of gathering information about the viability of your business from the people who know it best… your internal teams and stakeholders.
By conducting a regular examination of your company, leaders can gain insights that help them to:
Gathering this type of information is Step 1. Operationalizing it is the critical Step 2 that many businesses that fail miss.
When your healthcare provider notices something out of whack on your test results, what do they do? Prescribe a set of instructions to set you on the path to a longer and healthier life.
The same is true for your business. And armed with the results of your Organizational Health Checkup, you can create that solid plan of action.
A good healthcare professional doesn’t only look at one area of your physiology during a diagnostic. They should be looking at every system in your body. An effective organizational assessment should do the same.
Here are 11 categories we recommend you examine that drive improved performance and can increase profitability:
Measuring performance in all of these areas provides a truly holistic approach to business evaluation. From here you can springboard to deeper investigation and then create development plans to address key issues.
Conducting a regular Organizational Health Checkup is only one part of the diagnostic process.
If a healthcare professional identifies a problem, they don’t just prescribe meds or an exercise or diet plan and cut you loose. They want to hear back from you. Much can be learned and adjusted at the follow up visit.
The same is true for your business.
Use the results of your Organizational Health Checkup to accomplish several key goals:
Never ever forget the role that your team has played in helping you get to where you are today and be sure to involve them in moving your company to where you want it to go.
Every team member has a stake in seeing that your business has a healthy and profitable future.
Sign up for your Business Discovery Session with one of our DISC assessment specialists.