The statistics tell us that 50% of business fail by their fifth year. There are numerous reasons why a business fails and from time to time there are economic circumstances that can speed up the failure rate of small businesses. We are in such a moment right now.
Take a moment to think about your business and where it was a month ago. Were your books up to date? Was your CRM system organized and updated with the coming months scheduled activities? Was your business following a business plan? Were you, as the owner, responding to the feedback loops that tell you whether or not your business was on track? Does your business have feedback loops?
The current crisis is a serious matter. If your business has not crossed the 5 year mark you were probably already wrestling with challenges that have now been magnified. The question is: what do you do about it?