According to the U.S. Small Business Administration, over 50% of businesses fail in the first year and 95% fail within the first five years. With it being the start of the new year which means new beginnings for many businesses I wanted to give you some tips on how to avoid being part of the failure stigma that often seems to plague the small business world. Success is the goal that every business owner wants to reach, but often do realize what goes into obtaining success within their company. Here are a few things to try and avoid to assure your success in the New Year.
One of the biggest problems that a company faces is leadership failure. Yes, even the business owner can run the company into the ground because they don’t acquire the necessary management skills to keep things a float. It may simply be a result of not having enough experience managing a staff. To avoid this issue, you want to make sure that as a business owner you are open to learning, studying, possibly finding a mentor, and even enrolling in training. Never be too proud to ask for help or take advice on to run your business more effectively.
Many companies also lack uniqueness and value when it comes to running and promoting a business. The businesses current promotional strategy could be mediocre in comparison to their competition. You could be failing to stand out from the crowd which can ultimately cause your company to fall by the way side. You want to put together a customized approach or service package that will stand out from the competition. This is how you build your brand, through crafting a unique and memorable logo, tagline, signature colors, etc.
Probably most importantly poor financial management plays a huge role in why businesses fail. In many cases individuals start businesses without having a clear plan or goal for the company. One of the biggest things overlooked is how to manage the finances of the business over an extensive period effectively. You should be using professional business accounting software to keep records of all financial transactions. Also, if you are unsure how to efficiently manage your company’s finances consider hiring a tax adviser to help you gain greater knowledge and control over things.
While so there is so much more that goes into starting and running a successful business, making sure these key points are covered can get you on the right track. Let 2017 be about success and prosperity in the business world for your company. Do what you have to do to get where you want to be.
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