| |
| |
|
Small Business Information |
|
|
|
How to Successfully Avoid Becoming One of The 80% of Small Businesses That Will FAIL
It's a commonly quoted statistic: 80% of all small businesses will fail within the first five years of running. In fact, in Internet marketing, this figure can be as high as 95%. Yes, it's a commonly quoted statistic but for some reason, people are not very good at saying exactly why this happens. And it happens to what seems like nearly all newborn businesses. It may be simply due to the usual factors i.e. inadequate time and energy investment in advertising, poor dedication, lack of perseverance, no focus, ambitiously low goal setting and so on. But the sadder news is that even with full and enthusiastic application of none of the above, many entrepreneurs may be headed slowly and steadily towards what can only be described as business suicide. The number one reason why several businesses fail is lack of good quality, regular, astounding and highly relevant advice. It's that simple. Running a business successfully is all about making decisions on a daily basis. The decisions that we make depend on a number of things including: 1. Past experiences and 2. Factual knowledge. A new business owner may have relatively little or no experience. No one individual can know all the facts. The solution then becomes this: Create a skilled team. Put a skilled team together and not only would you have a combined increase in experience, but also your level of factual knowledge as an individual becomes somewhat less relevant. To identify who should be in your team, you need to break-down decision making into specific areas. Try doing it like this: If it is a legal problem, don't try to solve it yourself. Seek advice from your lawyer/solicitor first. If it is a complex tax issue, speak to your local tax office. Contact the IRS or Inland Revenue as appropriate. If you're getting severe accounting headaches, don't cut corners. Contact your accountant. If you are having problems with finance, don't make the decision to borrow form lender X. Seek advice first. Would your bank manager have any good ideas or suggestions? When faced with challenges, what you want is NOT to make decisions straightaway. What you want is advice. Good advice and lots of it. Then and only then can you decide before committing yourself to a specific plan of action. Next, and probably the most overlooked, is this: Do you know someone who is experienced in the same or similar line of business as you? Are they active? Are they successful? If you can answer yes to all of these questions about this person, then make them your best friend immediately. Put them somewhere near the top of your Christmas card list (If you send such cards). Try not to think of them as a business rival or competitor but think of them more as a mentor. Of course, it helps if they are approachable and keen to share their knowledge, tips and experience with keen and enthusiastic fellow business people. In summary, remember this fact: No one ever became extremely successful all on his or her own. They got help and advice from lots of other people. Usually from people who are experts in their own respective fields. Ugo works and trains as an Orthopaedic Surgeon. He also set up and runs several successful Internet Businesses including http://www.businessomatic.com a resource and guide for any aspiring Entrepreneur. Copyright Ugo Okonkwo http://www.businessomatic.com/. Please reprint or reproduce exactly as is together with resource box.
MORE RESOURCES:
Small-Business - Google News |
|
|
|
RELATED ARTICLES
Successfully Adding a Service To Your Business There will come a time in your business where you feel ready to add another service offering. To make this successful, there are ten tips to consider before moving ahead. Covenants Not To Compete: Another Franchise Quandary Imagine that you have operated a successful franchise business for the past several years. Your franchise agreement's term expires in the near future and you are contemplating whether renewing the agreement would be a wise business decision. 5 Small Business Management Questions to Help Choose Marketing Programs As small business managers, we juggle limited resources in a quest for success. To an extent, when we focus on success in one area we forego attention elsewhere. Is Your Business Profitable? What's your job profitability? Do you know?Many business owners are unsure of their profitability at a company or job level. They "think" they are making money because they have a few dollars in their checking account. Virtual Assistance for Healthcare Professionals Administrative and clerical tasks are the bane of every industry. No matter how small or large your business is, you will eventually find yourself with stacks of paperwork that need your attention and phone calls that need to be made. The More you GIVE the More you GET Why give freebies?We have all seen freebies at trade shows and we have all probably seen the person that goes from booth to booth collecting as much of it as possible. There is always someone that only goes to get the free stuff, but then again there are also people that go there to learn about new products or services. Advertising - For Small Businesses (Part 2) How to do itPeople skim through newspapers and magazines and they aren't necessarily looking for information on products or services (unless they're reading the classifieds) It's therefore absolutely vital that your advertisement grabs their attention and encourages them to read more. Many ads are designed merely to create awareness of a product or service, however, small to medium size businesses need a result. Women and Small Business In the book Women and Small Business author gives all the guidelines and tools need to start, operate and succeed in a business of their own. In the mentioned book she tried in the fist part to explain how has changed the role of women in the world along centuries. Buying a Business Start thinking about buying an established business if you want to avoid the immense risks involved in starting one. Not everyone wants to start a business from scratch, and buying a business with the infrastructure in place lets you focus on building it up, as opposed to getting a new business off the ground. WARNING to Home Based and Small Business Who Want to Buy Television Cable Advertising Most small businesses will not even try to advertise on television. It's too expensive and the audience is too broad. Discover How You Can Start Making Your Small Business Dream Come True As a teenager I worked for my father's small business. At 18 I worked for a small video rental business owned by two partners; there were 4 employees. Are You a Small Business Casualty? When a person knows and knows not that he knows. Teach him. How to be Annoyed and Make Money When do annoyances in a relationship become too much to bear?Have you ever worked for a client that drives you up the wall and back down the other side but you keep working with them because you need the money? I am sure most of us have been in that position and were so happy when that relationship finally broke up. It felt like you were finally free and able to do what you do best somewhere else, or you fell into panic because you had no income anymore. Explode Your Consulting Income Here are just a few ways to increase and diversify your income from your consulting business.1. Frodos Journey: What It Can Teach You About Marketing Your Small Business Just recently, I took a break and caught "The Return of the King" at the movie theater. At the same time, I was pondering a topic for this article. Building Your Business for Success in 2005 It's a strange anomaly.Most people who set out to start their own business, no matter what type, build it for failure, not success. Creating Time the Virtual Way Time. As a small business owner, it's the commodity you covet most but never seem to have enough of. How to Create an Information Plan What is in an information plan?Before you even meet with a potential customer, you should have an action plan in place. The action plan should consist of 5 areas. Franchises Must Meet Legal Definition to be an Actual Franchise All franchises must meet the legal definition of a franchise no matter what they call it before it is an actual franchise. This is the Federal Trade Commissions take on the franchise rule. How to Increase the Cash Flow in Your Private Practice in 30 Days If you have a busy private practice, chances are you also have pockets of cash lying around available for the plucking. It simply hasn't been collected yet, and may even have been overlooked.
|
| Good Credit Loans | home | site map | School Bus Clothing | Florida Pool Heating |
| © 2006 |
