Every year, millions of Americans alone launch a small business (SMB) of some sort. And within one year, 40% of those SMBs will have shut down. Within 5 years, that number jumps to 80%.
And of the 20% that make it to year 5, 80% will fail by year 10. That means only about 4% of small businesses make it.
According to Michael E. Gerber, author of The E-Myth Revisited and the world's #1 small business guru, that's because most small business owners make the same mistake. They're so involved in their business' day-to-day that they don't have time to focus on scaling.
But rather than owning a business, they own a totally unmanageable and demanding job. One that's never done. And eventually, they burn out.
So, here's how to make sure your business isn't just another statistic:
Work on your business (not in it). AKA let your team manage the day-to-day operations. And spend your time figuring out how to scale the business.
Document exactly how you do things ASAP. That way, you can delegate things off your plate. And the work still gets done your way.
Make a break from the past. Challenge your team to find a better way to do things. When they do, document it, so it's always done that way going forward.
Thanks to the latest iOS update, running effective Facebook ads basically became mission impossible. And if you're like most small businesses, you're probably still throwing money at it - and hoping for the best.
But you should stop... like now. Because despite all the Facebook ads hype, it might be time to switch your ad spend to YouTube. AKA where ads are actually working and your target customer is already hanging out.
Most companies don't get the interview process right. For some, it's because their process is super sloppy – leaving a bad first impression. For others, it's their interrogation-like approach – which doesn't make candidates feel welcomed.
Either way, the results are the same: these companies often hire all the wrong people. And that can be costly. Because hiring the wrong person can cost up to 30% of their first-year salary.