Fear of Failure? How to Beat the Odds and Build a Thriving Business [Infographic]
By some estimates, a full 8 out of 10 businesses fail within their first 18 months of existence.
The deck may be stacked against entrepreneurs, but that doesn’t mean failure is a guarantee. In a new infographic, the folks at Towergate Insurance explore the topic of business longevity – and how to make sure your business beats the odds and thrives.
The infographic outlines some of the common challenges that businesses face (e.g., cash flow, late payments from clients, the difficulties of recruiting staff members), as well as a few strategies for overcoming these obstacles.
Some of the strategies for success are what you might expect – deliver great customer service, build a strong company culture, keep your employees satisfied, etc. – but many of them also cover topics you may not have considered.
For example, have you put much thought into where your business is located, or did you just spring for the most affordable office? Believe it or not, this could be a make-or-break decision for your organization.
Check out the full infographic below: