Key Lessons for Startups Looking to Build Long-Term Success
Reaching the 10-year milestone is a significant achievement — but it’s one many businesses don’t reach. According to the Australian Bureau of Statistics, fewer than a third of small businesses in Australia are still operating after a decade. So, what makes the difference between those that survive and those that don’t?
Structure and Planning
A big part of it comes down to structure and planning. It’s common for new businesses to launch with energy and enthusiasm, but without a clear financial roadmap, it can be difficult to navigate the ups and downs that come with growth. Forecasting, budgeting, and having a reliable view of your cash flow aren’t just helpful — they’re vital to making informed decisions.
Measuring Performance and Adapting to Change
Understanding your numbers is just one piece of the puzzle. Measuring performance, identifying what’s working, and being able to adapt when things shift is equally important. Businesses that regularly review their progress and adjust accordingly are better placed to respond to change — whether it’s in the economy, industry trends, or customer behaviour.
Seeking Advice from Trusted Advisors
Another common thread among businesses that make it to 10 years and beyond is that they don’t try to do it all alone. Seeking advice from trusted advisors, particularly in areas like finance and business strategy, can provide perspective and clarity when it’s needed most.
Establishing a Strong Culture
Culture also plays a role. Businesses that create strong teams, support leadership development, and foster a sense of purpose tend to be more resilient during challenging times.
At Advivo, we’ve had the privilege of supporting many businesses on the path to long-term success. Whether it’s through business planning and structuring, financial forecasting, performance management, or Virtual CFO support, we aim to give our clients the clarity and confidence to make better decisions — and stay in it for the long haul.
