The statistics on what percentages of businesses fail within the first five years vary between 50% and 90%. These statistics count only businesses that completely cease their operations.
But there are other businesses that continue to operate and plateau at a low level making the lives of their owners miserable. Most business owners would be in a much better situation if they simply found a regular job in their industry. Their business’ do not present an opportunity for them, but a prison that keeps them from doing other, more enjoyable things in life.
The reason why so many businesses are painful and difficult to operate is that their owners operate them without a plan to make them serious money. They don’t have a framework to follow. Most successful professionals, follow some sort of framework like:
- Accounting professionals follow IFRS or GAAP frameworks
- Programmers follow programming networks like Python or Angular framework
- Airline pilots follow flight operational frameworks
- Doctors follow diagnostic frameworks
You have probably heard of the 80/20 rule, which states that 80% of effects come from 20% of causes. What this means is that you can stop doing 80% of things you are doing and you will get most of the results you are getting. If you want to do more than 20% of the things you are doing, you will have even more success.
What differentiates very successful and wealthy people from struggling and broke people is this:
Struggling business owners will spend time to save money. Successful business owners will spend money to save time. You can always get more money, but you can never get more time.
So, it would help if you made sure that things you spend most of your time on have the most significant impact. This is called leverage, and leverage is the most essential tool successful companies use. This leverage is what goes into that 20% of the famous 80/20 formula.
So, if you want your business to grow and make more money, you need to start paying attention to actions that give you the most leverage. You can start looking for that leverage within your business, and as many of our clients have found, many small leverages consume a lot of time and make minimal impact on the bottom line.
What successful businesses have learned is that the most enormous leverage in any business is marketing. Suppose you can get at least 5% better at your marketing. This can have exponential benefits to your business bottom line and allow you to score a couple of new wins, gain momentum, put new processes in place, and then go for another 5% improvement in marketing, leading to another significant step toward growth and so on.
What we try to do at Attention Interactive is find which 20% of marketing effort generates 80% of the result in your business. Using our digital marketing experience and established marketing models, we can summarize hundreds of pages and thousands of hours of traditional business planning into a short marketing framework for your company to follow.
Our work becomes a living document in your business, and our most successful clients refer to it and refine it over time. You will receive massive benefits that come from having clarity around your marketing.
Feel free to contact us about a custom marketing plan for your business.