Will your business celebrate a jubilee?

Whatever your position on the Monarchy, the fact that the Queen is celebrating her Diamond Jubilee – 60 years of reign – this year is a considerable achievement. Her Majesty has managed to still be popular despite changes in virtually every aspect of life and society. From this viewpoint, ‘The Firm’ has performed well.

Sadly, many SMEs which were started with great ambition and hopes during these 60 years have not fared so well and have disappeared from our economy. Recently, with the recession, the number of failing smaller-to-medium sized enterprises has soared.

So, what can businesses do to survive these days?

Some argue that luck plays a part if your business happens to be in the right place at the right time but this is a defeatist viewpoint. The successful would argue that you create your own luck and it’s about being proactive, not reactive – and constantly planning ahead and researching your targeted market meticulously to ensure you’re competitive.

Surviving entails both knowing how to retain existing customers and where to win new ones – never taking your eye off the ball; never being too busy as an owner-manager to consider the future and never being complacent.

Accepting help is another thing. People find it hard to delegate but no one can do it on their own – concentrate on the things you do well and get support. Ensure your accounts are in order and get advice on how you can save money. If the banks won’t lend, focus on finding alternatives. Successful entrepreneurs persevere and even turn challenges to their advantage.

A Diamond jubilee for your business may seem like an impossibility right now – or you may not even want that – but whatever it is that you do want, start with a decent business plan and never say never!