38.5 F
Indianapolis
Friday, January 15, 2021

A Frequent Error – Why Thousands of Small Businesses Flop

More by this author

A Frequent Error – Why Thousands of Small Businesses Flop

Every person who has thought about launching their own small business understands that it's a testing challenge to embark on. I am sure you're...

How to Improve Cash Flow – Learn Why Knowing Your Cash Life Cycle Can Save Your Business

Want to improve your business' cash flow? The moment you understand the easiest way to improve cash flow, your business (whether it is big...

Every person who has thought about launching their own small business understands that it’s a testing challenge to embark on. I am sure you’re familiar with accepted data that over one in two small business start-ups flop in the 1st 12 months and ninety five percent fall short within the first 5 years. However, that statistic doesn’t alter. Why?

Many small business owners start their business ventures with nothing more than a “great” concept. But business ventures are sustained because those who have the dream also know how to implement their concept and have either a solid industry background or they engage experts that have a reliable industry background and will make them successful.

The worry is that several businesses fail because the owners don’t have the industry and management experience to propel their dream to the next stage, and to completely implement all of the components necessary to stay in business.

Numerous entrepreneurs are overly optimistic (optimism is generally good trait) and overestimate estimated earnings and also undervalue what needs to be undertaken in order to be successful. One common oversight that new owners make is to never “let go” of several jobs that they are simply not competent in carrying out and believe they will save funds by refusing to ask for assistance.

Don’t think you can do it all. There will be tasks that you can’t or should not do by yourself and it’s alright to inquire about 3rd party help. Part of doing business means allocating time to a large range of government driven paperwork & tasks, excise forms and proper accounting, including goods and services dues and tax returns.

Naturally, all you want to do is focus on why you began your business in the 1st place – carrying out what you like to do and being paid for it. I’m confident you’d choose to ignore the bureaucracy and piles of paperwork. However the reality is that it has to be done at some stage.

You have 2 choices: Knuckle down and do it yourself; or get some help by outsourcing some tasks to people who will do it better than you. When you do, you’ll have more time to focus on what you do best. As a newbie, you’ll need to ensure you meet the obligations imposed on you by government tax departments, health and safety regulations, customer service and much more.

Select a reputable partner that you can trust to make sure you lay a good foundation for your business to build upon as it grows. As you start to consider the workings of your own business, you will possibly come across new things about your company. Changing the way you think about your company might expose new light and should present you with insights you’ve been looking for.

You have taken the plunge and began on the course to an entirely fresh way and mature way of doing business. Don’t end it now! I dare you to look carefully at your business and apply the adjustments you require to be profitable. Stretch the limits of your imagination and do not be scared to undertake something innovative.

Mark Gwilliam, FCCA, uses his international experience to coach small business owners on how to run successful businesses. He combines his natural enthusiasm for sharing his knowledge with his proven ability to provide practical down-to-earth solutions for his clients. He has written several books and owns several companies which offer small business owners integrated business solutions. He writes several business articles in his weekly newsletters “The Bizness” and “Successful Marketing Strategies”. To read these and to have access to more tools and resources to turbo charge your business, visit his sites at http://www.mark-gwilliam.com and http://www.themarketingdude.com.

Article Source: http://EzineArticles.com/?expert=Mark_Gwilliam

- Advertisement -

Upcoming Online Townhalls

- Advertisement -

Subscribe to our newsletter

To be updated with all the latest local news.

Stay connected

16,331FansLike
3,142FollowersFollow
5,989FollowersFollow
14SubscribersSubscribe

Related articles

Popular articles

Art & Soul Fest goes virtual

The Art & Soul Festival, hosted by the Arts Council of Indianapolis, is usually a chance for artists and Indianapolis residents to...

Our Future is Powerful Voices

This program is closing the opportunity gap for black and brown students. Find out how you can participate.

Too many are dying

Black Indianapolis has to rediscover a culture of life. Last year we lost 158 Black people to criminal homicides...

Indianapolis readies to host 2022 College Football Playoff championship

The 2022 College Football Playoff national championship will be in Indianapolis next January, leaving the host city’s planning team 12 more months...

Sister Soldiers: Black female veterans share stories of military service

Do an image search of the word “soldier” online, and the pictures revealed will be overwhelmingly white and male. However, African-Americans and women have...
Español + Translate »
Skip to content