Basic Business Information
Why Most Small Businesses Fail
Most people who start a business are not professional entrepreneurs. As a business owner you need to see the big picture. The list of topics you need knowledge of to be successful is overwhelming so most people don’t even know how much they really don’t know.
I am sharing this information in the hopes it helps people build their businesses and become successful. While there is no way to do little more than scratch the surface here, I hope it helps.
If you ever want to grow your business into a real company you need an office. This is the cornerstone of your business and just as important as doing the work itself. If you don’t see the value in having a professional office you will likely not be successful.
- You MUST have software to run your business!
- An office staff is a MUST for success!
- Your staff MUST be trained to use your software!
- Answer the phone during office hours!
- Clients MUST be taken care of at the time they call, don’t allow people to just take a message!
- Your office staff MUST enter information directly into your CRM and conduct business!
- You MUST have at least two dedicated office people no matter how small your business!
Checklists For Success
Essentials for every successful business
Professionals - Advisors For Success
Business Consultant (mentor)
Accountant (CPA-Tax Specialist)
Attorney (business law/contracts)
Self Growth (attitude)
Healthy Lifestyle (work life- home life balance)
Self Education (knowledge)
Office Staff (Virtual Office Associates or similar)
SEO & Social Media Management
What are your fixed costs
Figure out your indirect costs
Know your labor costs and labor burden
What is your breakeven number
Cash flow management can make or break your company
Are you prepared for opportunity costs and growth
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