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In a previous article, we talked about the importance of not getting stuck on ready and how, in the “Ready, Set, Go!” analogy, the point is to GO!

In this article, let’s talk about the occasional need to STOP.

Leaders tend to ignore this part.

When there is challenge, overload, demand, new ideas, or an upper limit, their solution is to push themselves and their teams harder and harder. This is especially true with entrepreneurs, who may push themselves and their team to a crisis point.

Small Business Survival Rates

According to the Bureau of Labor Statistics and other sources, the general overall survival rates for small businesses are noted below.

• Year 1: 80%
• Year 2: 70%
• Year 5: 50%
• Year 10: 30%

A business that survives its first year is fueled by high energy and passion for an idea.

One that survives its second year has a proven product or service that adds value to people and has earned their trust.

The businesses that make it to the fifth year and beyond have learned the value of planning, marketing, sales, team, and a good dose of tenacity.

And the ones that survive to year ten and beyond have established systems and procedures that support growth, mitigate risk, integrate operations, enhance communications, and strategize with a long-term perspective.

This is why it is important to STOP occasionally.

STOP…and Reflect

• What is your current stage of business?
• What are your mission, vision, and values?
• What are your challenges?
• What are your strengths?
• What are your goals, short-term and long-term?
• Who and what do you need to reach those goals?
• How do you need to grow in order to lead into the next level?
• What does your team need in order to grow with you?

Think about it.

• That bootstrapping, rogue entrepreneur is exactly what you need to be to get started.
• Your propensity for risk, experimentation, and change will carry you through the early years.
• As your business grows, so will your business acumen. This equips you for the growth and development stage of your business. You learn to plan strategically, communicate clearly, establish solid foundations, and develop tenacity. You learn the true value of a team and delegation. And you shift into the role of a leader, with the support of managers and implementers.
• As the business matures, you learn the importance of legacy and of growing other leaders.

Now imagine the bootstrapping, rogue entrepreneur being in charge of the legacy business. It would wreak havoc on the necessary systems in place.

And yet this happens often. This is partly why only 30% of small businesses survive. The business grows but the leader does not take the time to stop and reflect on what it takes to lead into the next level.

If you are at any of these levels in business, congratulations! You have embarked on a great adventure that many wish for but never start.

Now, stop and reflect, for just a bit, on what you need to recharge, pivot, and grow to the next level.

For valuable resources on Leadership Strengths and Tools, click here.

Deb Ingino is a highly sought-after executive coach, mentor, consultant, and speaker worldwide. Deb is well versed in business operations and in the importance of asking key questions most business leaders won’t ask themselves. She brings deep experience in leadership development, strategy, high performance team building and effective communication. She has a passion for leading people to discover and maximize their strengths as well as those of fellow team members, while offering advanced strategies to achieve high performance. Deb is the perfect fit if you’re ready to take your leadership and impact to the next level!