Did you know that business ownership is a mind game? And only the mentally strong business owners survive. After being in business for more than three decades, the leadership at Credico understands the mental durability and discipline needed to handle the tough seasons in business. Like in life, there are ebbs and flows we all have to navigate; businesses experience the same highs and lows, too. It’s a matter of knowing how to master the balancing act of life and the business world and coming out on the other side of the experience more knowledgeable and better equipped for the next level of mastery.
These topics in business aren’t easy to talk about because they are uncomfortable, yet they are essential to know and understand before starting a new company. The truth is, on average, over 304,000 businesses fail every year in the United Kingdom. The failure rate for new businesses is alarmingly high, with half of all startups not surviving past their fourth year. Many of these businesses collapse after progressing through each of the critical stages of development, including concept, startup, growth, maturity, and even renewal phases. Based on our experience, these failures often occur because these businesses are not prepared to sustain operations through two full seasons of ownership, which is a significant challenge for many. These seasons take a mind over matter approach and an embodiment of skills awareness to understand how to make it across this entrepreneurial mile marker. Considering that only 34% of small businesses reach the milestone of celebrating a 10th anniversary, overcoming these tough seasons is a win.
These two seasons have nothing to do with the typical busy seasons in business. Just like the weather seasons, in business, these seasons determine the conditions that serve a purpose that serve as growth initiators. The holiday shopping season, which runs from late October through December, is a significant revenue generator for most businesses. In contrast, the summer and the first quarter of the year tend to be some of the slowest periods for many companies. These seasonal trends can be viewed as a sort of “IT factor test” for businesses. Enduring and surpassing these seasons determines whether or not your business can live among the ranks of those that make it to global brand recognition and cultural identity status.
Season One: Business Development
The first season is developing your business skills. During this season your new company is undergoing a stress test. It shows you and your team how it operates during high demand and whether your team’s current systems will allow your team to meet your customers’ needs effortlessly and seamlessly. For example, during the holiday season, are your current operational systems sufficient to endure an influx of shoppers, team demands, inventory, and customer concerns? When the market for your product or service is high, your teams can evaluate and identify your weaknesses and highlight your strengths.
During these moments, implementing an omnichannel strategy is key. An omnichannel marketing strategy is for businesses that want to manage high volume without straining their team or having negative customer experiences. An omnichannel marketing strategy is the integration and cooperation of the various channels of an organization used to communicate with consumers to create a uniform brand experience. Channels can include both digital and traditional touchpoints like in-store, a business website, social media, a mobile app, and a responsive and self-sufficient call center. Infusing or channeling your business’s persona in each channel is challenging but should be prioritized. An effective omnichannel sales strategy is more than customizing to fit each customer’s preferences and shopping habits. It’s also about leveraging the data it generates to benefit your business in various ways. This strategy builds brand awareness, strengthens your best practices, builds your team’s unity and collaboration, and provides valuable insights into your customer journey. And when you’re covered on brand awareness, the second season in business is all about development.
Season Two: Brand Development
When businesses make it past the year four and five milestones, they have withstood the ebb and flow of their business development season. You have mastered the operations side of your business. It is now time to develop the endurance and longevity of your brand. Many businesses need to realize that this is an opportunity to build their brand’s persona or personality, which requires investment. Honing your brand image is about evaluating how your brand stands out in the market and being honest about how your brand is perceived internally and externally. If the business development stage is a stress test, consider your brand development season a reputation or character-based assessment. Navigating this season and coming out on the other side with a better, more respected brand takes a monetary investment. In the UK, business branding expenses can range anywhere from £1,000 to £100,000 or more, depending on the size and goals of your business. And this doesn’t even include website design and development or the cost of hiring a brand consultant.
A strong brand is the foundation of a successful business, requiring strategic planning and meticulous execution. Without a strong brand, your company will disappear into the sea of competitors. People won’t remember you or buy your product or service. Building a brand is more than just creating a logo or crafting a catchy slogan—it’s about cultivating meaningful connections, delivering value, and making a positive impact with its client-centric approach and unwavering commitment to excellence.
Navigating tough seasons, rather than mere stages, is essential for a business to thrive over decades and generations. Many entrepreneurs need to know what to look out for or how to prepare for these critical periods in their business. This lack of understanding can lead to a hesitant mindset rooted in the fear of inadequacy. It’s essential to recognize that both tough seasons are challenging but designed to cultivate different strengths for your business and brand. Business owners must develop the mental resilience necessary to endure these times.
For Credico, a leading name in brokering outsourced sales and marketing solutions, brand building and business growth is not just a goal; it’s a journey marked by innovation, authenticity, and client-centricity. Let us know how we can help. Contact us today, and let us guide you through each stage and season of your business journey.