This article illustrates the importance of thinking things through before jumping into any new business venture.
If you are a small business owner I am sure you have all heard the painful statistics that:
97% of network marketers and small business owners fail
Over 50% fail within the first 5 years
90% make less than $10 a week from their business
Many small businesses concentrate on the job in hand and treat bookkeeping as an administrative burden. By adopting suitable accounting software as an essential tool of the business the financial performance can be improved by taking positive management action on the sales and profit generated.
It is a natural phenomenon for small business to be deeply involved in the particular skills and operations of the business. A fundamental issue that many small businesses overlook is that the particular industry in which they work and their personal skills are just tools of the trade not the trade of business itself. That trade of business is to produce a satisfactory bottom line.
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Many people go into business but yet forget one of the more crucial aspects of running a business, and that crucial aspect is customer service. The trouble is that for many owner operators they simply do not have the staff to deal with all the day to day customer enquiries that need to be dealt with. This can mean that enquiries, or even offers of new work, can often be missed, and with a resulting loss of business.