Think Big to Make Your Small Business Big
http://www.onlineresourcesdirectory.com/articles/140/1/Think-Big-to-Make-Your-Small-Business-Big/Page1.html
Jim Adams
By Jim Adams
Published on Monday 22nd 2008
According to the US Small Business Association, two out of three
businesses are shut down within 2 years and there are only 44% of the
remaining businesses those survive for next 2 years. If you are
planning to start a new business, these facts are worth considering.
According to the US Small Business Association, two out of three businesses are shut down within 2 years and there are only 44% of the remaining businesses those survive for next 2 years. If you are planning to start a new business, these facts are worth considering.
There are people who bet their entire investment in the business, this might statistically prove to be a good idea for you. But do not do the mistakes, which majority of small business owners make.
Mistakes to Avoid
There are large number of mistakes, which can make you and your business suffer from huge business loss. Natural disasters and economic crises are the factors that we can not avoid. But here are some other pitfalls, which can be avoided:
Lack of vision, goals and planning
These are some of the essential building blocks in a business. You should always plan a work before executing it. It is not necessary that your plans should be really complex or tiring. You can have flexible plans that will allow you to give preference to comfort living and style. Also do the regular reviews of all your goals and the actual performance graph achieved.
Insufficient cash flow
If you do not have cash, your business will crash. Therefore, it is not essential that you make huge profits in the initial year but you should have enough resources to support manpower and work processes. If you fail to meet the monthly expenses, this might be the reason of lack of planning or due to delay in collecting money from your customers.
Expanding too slowly
As marketing is expanding massively today, it is essential for businesses to not only compete with local rivals but with online marketing directories like eBay and more. Therefore, it is better if you consider franchising and mentoring from a person who has been involved in the business before.
Insufficient/inappropriate investment
If you want to earn more, it is essential to invest more on technology up-gradation and adopting new methods of training & promotion. Technology is backing e-commerce, so you need to be well versed with the improvement, if you want to survive.
Poor business and/or management skills
There are chances that you might not be perfect at everything. You may be a technology expert but lack in marketing a product. Make best utilization of skills you have and hire other people to work on remaining areas. This will be beneficial for your business.
There are people who bet their entire investment in the business, this might statistically prove to be a good idea for you. But do not do the mistakes, which majority of small business owners make.
Mistakes to Avoid
There are large number of mistakes, which can make you and your business suffer from huge business loss. Natural disasters and economic crises are the factors that we can not avoid. But here are some other pitfalls, which can be avoided:
Lack of vision, goals and planning
These are some of the essential building blocks in a business. You should always plan a work before executing it. It is not necessary that your plans should be really complex or tiring. You can have flexible plans that will allow you to give preference to comfort living and style. Also do the regular reviews of all your goals and the actual performance graph achieved.
Insufficient cash flow
If you do not have cash, your business will crash. Therefore, it is not essential that you make huge profits in the initial year but you should have enough resources to support manpower and work processes. If you fail to meet the monthly expenses, this might be the reason of lack of planning or due to delay in collecting money from your customers.
Expanding too slowly
As marketing is expanding massively today, it is essential for businesses to not only compete with local rivals but with online marketing directories like eBay and more. Therefore, it is better if you consider franchising and mentoring from a person who has been involved in the business before.
Insufficient/inappropriate investment
If you want to earn more, it is essential to invest more on technology up-gradation and adopting new methods of training & promotion. Technology is backing e-commerce, so you need to be well versed with the improvement, if you want to survive.
Poor business and/or management skills
There are chances that you might not be perfect at everything. You may be a technology expert but lack in marketing a product. Make best utilization of skills you have and hire other people to work on remaining areas. This will be beneficial for your business.