Business Owners -- Increase Your Chances Of Success
In today's business situation, if you are not as savvy or in the know
, you might as well just call it quits. In order for your small business to succeed, you must know all of the key areas of your business inside out. If you don't know them, then you must have staff that is qualified to do the work and more.
SBA statistics reveal that over 90% of start-up businesses fail in the first year. Why is this so? This happens for a number of reasons. Let's look at a short list: Business Owner's experience, Financial Situation, External Factors and Internal Factors
This above list can be broken down based on the individual small business owner. Examining this list brings to mind that there might not be enough capital to operate the business prior to becoming profitable, that is, after gross income minus all expenses, taxes, and all other financial obligations.
It also brings to mind the possibility that the small business owner might not have prepared for the internal and external factors that can affect a business from timing, staffing, various obligations, mandatory requirements, and more. Assessing your business model, business plan, marketing plan, human resources (external and internal), and your own personal and business financial position is extremely important.
You need to ascertain whether you are in the right industry for your skill set, or if you need to improve your job force. This is where a personal skills assessment would certainly come in handy. This would include your skills, strengths, weaknesses, and much more. It would help you figure out whether you are in the right business or if you should be doing something else.
Lack of access to capital is another major contributor to start-up businesses failing so quickly. You must make a determination if start-up capital resources are a positive or negative factor. Knowing how you will gain access to financing through a variety of methods is critical. This will assist you to in stay in business longer and make more profits.
by: Karlene Sinclair-Robinson
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