How to Survive Your First 100 Days in Business
UR Digital
How to Survive Your First 100 Days in Business
The first 100 days can make or break a small business – and without the right support, many won’t survive.
That’s the warning from Geoff Silk, one of NSW’s most experienced business advisors, who has coached hundreds of start-ups through the NSW Government’s free Business Connect program over the last eight years – a service now set to be axed on 30 September.
“Fail to prepare properly and the first 100 days can quickly spiral into stress, cash flow problems and dwindling sales,” says Silk. “But put the right steps in place, and you’ll lay the foundations for sustainable growth. None of what I’ve described comes naturally to first-time business owners, which is why programs like Business Connect are vital.”
Three things that make or break a business
From years of working with new ventures, Silk says three factors consistently determine survival: planning, cash flow and customers.
1. Plan like your future depends on it
“Too many owners rush in without analysing their model: what they’ll sell, who to and how. A feasibility study is essential,” says Silk.
He recalls one client who spent 15 months preparing while still in paid employment. “He spotted a gap in the market for a women’s grooming device, arranged manufacturing in China and secured a TV personality to promote it. When the business launched, he sold out a shipping container of stock in two weeks. That success didn’t happen by luck – it came from meticulous preparation.”
2. Nail your numbers
“Cash flow is the oxygen of a business. Run out of it and you won’t survive,” says Silk. He recommends forecasting monthly revenue and expenses and keeping at least three months’ operating costs in reserve.
He points to one auto repair client who was losing money on unpaid travel. “After restructuring his pricing and processes, his numbers turned around within a quarter. Today he has a strong reputation and steady growth.”
3. Find and focus on your customers
“Unless you define your customer segment and target it directly, you’ll fall short of your sales targets,” says Silk.
Marketing should be both traditional and digital, but also proactive. “I worked with a food vendor who was exhausted from seven-day market weeks and still not making enough. Once he began collecting pre-orders from nearby offices, his sales tripled and he could cut back to five days. Sometimes success comes not from working harder, but by reaching the right customers in the right way.”
Why support matters
Silk stresses that programs like Business Connect are often the difference between failure and survival. “Through Business Connect, I’ve helped hundreds of small business owners sharpen their plans, manage cash flow and boost their sales. Without it, 850,000 NSW small businesses will lose access to advice that has helped countless owners turn their ideas into thriving enterprises. I urge the government to reconsider.”
-ENDS-
About us:
About Business Connect
Business Connect is a NSW Government–funded program providing free independent, personalised advice to small businesses and startups. Since 2017 it has supported over 60,000 small businesses to start, survive, grow and employ across the state.
About Geoff Silk
Geoff Silk MBA is a business advisor and coach at The Silk Web Pty Ltd and also provides advisory support to clients of Realise Business, a not-for-profit that delivers the Business Connect program in Sydney.
Contact details:
Georgia Madden
0424 854 208