The difference between success and failure in business can really be broken down into five key factors. Some business owners are lucky to have the right product at the right time, however, most find that if they do not do these five things they will either fail, or worse yet, discover that they would have earned a better living by getting a job. According to the Small Business Association, 1/3 of all businesses will close their doors after 2 years, and 60% will do so after 5 years. If you have passed the 5 year mark and you are not concerned about those statistics, you might find it interesting to note that according to the National Federation of Independent Business, only 39% of all businesses are profitable, 30% break even, and the rest lose money over their LIFETIME. Don’t be discouraged! The good news (yes, there’s good news!) is that turning a profit and staying in business is much simpler than these statistics would indicate. If you want your business to succeed, then make sure you have these top five keys to success in place:
- Have, Communicate and Drive Your Vision/Purpose
- Financial Planning and Review at Least Monthly
- Establish and Communicate All Company Goals
- Commit to Goals
Are these part of your business habits?
Howard Shore is a business growth expert who works with companies that want to maximize their growth potential by improving strategy, enhancing their knowledge, and improving motivation. To learn more about him or his firm please contact Howard Shore at (305) 722-7213 or [email protected].