Running a business is no small feat. If you ask the U.S. Small Business Administration, they’ll tell you one-third of all new businesses fail in the first two years. If you let them continue, they’ll say half of all new businesses make it four years, and only 40 percent survive for six years or more.
What makes a business succeed? A recent study by Gallup found that a business’s ability to make it over the hump has everything to do with leadership. The quality of the company’s founder(s), along with the caliber of its management team, is a significant factor. In its research over time, Gallup has found that companies that survive over the long term have these other characteristics as well:
A clear vision: The leaders of successful companies are more likely to clearly articulate the corporate goals and competitive advantage(s) of their companies to their clients and employees. They create an inspiring narrative that unifies internal teams and clearly directs external growth efforts.
The right financing partners. Financing — the right type at the right time — is absolutely critical to the success of any business. At CFP, we’re creative, resourceful and act fast to help businesses facilitate deals that have been turned down by banks. We fund business equipment transactions of $150,000 and up.
A close relationship with customers: Successful business leaders are more likely to make decisions about pricing, products and services with their customers’ needs in mind. They don’t neglect important matters such as sales growth and profit margins, but they maintain close relationships with customers and work toward improvements that will benefit those businesses long-term.
A desire to learn: Are you open to learning things from people at all levels of their own organizations and others? Some of the best leaders seek out opportunities to learn other perspectives and ways of doing things.
A plan for growth: The most successful leaders also spend time planning for growth and aligning employee responsibilities with company goals. This requires an ability to step back from the day-to-day battles of business and articulate a plan for moving forward. This practice aligns employee efforts with a common goal and increases individual performance. At Commercial Funding Partners, we can help your business grow in ways you might not have imagined by funding growth with the right financing.
Perseverance: Great leaders never give up. They have a strong work ethic and aren’t afraid to do the work no one else wants to do. They know they’ll face setbacks and are willing to work through them. We can relate! We’re problem-solvers, helping provide businesses with financing that traditional banks won’t approve.
What other characteristics would you add to this list? Gallup also found that business people who share these characteristics are three times more likely to build large businesses and to grow them significantly. They are four times more likely to create jobs, four times more likely to exceed profit goals and five times more likely to exceed sales goals.
Learn more about us and how we can help your business grow! Give us a call: (801) 545-4000