A few days before launching Nudge, one of my friends sent me a Lego message from the other side of the world (she lives overseas) which said “Good luck Nudge”. It looked awesome and currently sits on our wall.
It got me thinking though… how much luck do you need in small business?
When we talk about luck, we commonly say; we were lucky to be in the right place at the right time, we’re lucky to meet someone who gave us business, we’re lucky to have these opportunities … people recognise that luck may play a part. But by how much?
I like sport so I have used an old sports analogy, ‘the harder you train, the luckier you get’. We all understand that sometimes you just get a lucky break. But how much of small business is about the lucky breaks and how much relates to some solid and well thought out planning or learning from mistakes? Did working on the sales pitch open up new doors, or being open about your business allow an introduction? or did going after a sale with a bit of hunger change a few things?
Drawing on some of my research into small business at UTS and some of the data about business failures, the feedback suggests that businesses that don’t plan, plan to fail. Over 50 percent of businesses don’t have any form of planning at all. That’s quite a lot. And to think that a huge number of small businesses fail in their first year, shows that a bit of planning can go a long way to becoming a luckier small business. If you’re interested in a small snapshot of some of planning and strategy that we worked on over these months at Nudge Accounting, you can find it here.