What Every Small Business Should Know
By: Lori Armstrong
Whether you have already initiated your small business journey or have prepared yourself for the keys to success, business is constantly changing and you can be ahead of the game with the following business tips. Who knows? You may not be aware of valuable business tools available to you.
At Combs Consulting Group (CCG), Combs.com, we want you to succeed and offer the following business tips:
A stunning statistic was revealed by Harvard University, which states businesses that dedicated six months or less in planning for their business faced an 80% failure rate. Meanwhile, the business planners who spent one year or more dedicated to the preparation of their business had an 80% success rate.
It is never too late and there are daily operations needed in order for every business to succeed. A strong business plan may focus your attention to new ideas or issues you may have missed and if you feel you are not confident with your writing skills, there is hope. Reach out to S.C.O.R.E. (Service Corps of Retired Executives) as they will help you design the business plan that is right for you.
Business owners are of a different breed – a breed of self-assurance, self-awareness and self-discipline. Many entrepreneurs know their product inside and out but the day to day operations are new and unexpected to many. Those who know what they are up against will survive and develop a thriving business.
As a business owner you will be making the decision – you will be in charge. You will no longer have someone else making all of your decisions. Can you handle the responsibility of being in charge, handling workplace issues, workplace safety matters, financial budget and more? Reach out to us at Combs Consulting Group –
CCG’s outstanding services range from HR management and safety to career and business services. We can even assist with marketing your business.
Did you know that only 50% of businesses survive the first year? The first year of business can be a struggle due to financial demands. This is why the preparation of start-up financing is vital in order to sustain your business.
Adequate cash flow takes three to six months to develop and it could take as long as three years for a business owner to receive any kind of salary from their business. Knowing this – reach out to The Small Business Association (SBA) as they may be able to offer you a small business loan, lead you to available grants and assist you with your financial matters.
Be Aware of Common Business Pitfalls
At CCG we understand the common downfalls most businesses will experience and we offer you the following tips to help you avoid those business failures. These are business basics that every business should know.
Inadequate training – Take the time to learn the duties of your staff and be present. Once you understand the duties, schedule the time to properly train your staff.
Hire the Right Team – Many businesses will hire a friend or a person without experience out of good will, but if you want a successful business – hire the most qualified applicants for the position. Conduct a background research on your applicants. You will be happy you did.
Delegate Some Duties – Instead of feeling overwhelmed with your growing duties, delegate the small tasks so you can focus on the more pressing deadlines. As you grow your business, you will increase your staff – educate your staff and delegate some of those duties.
We offer many more tips and advice to help your small business survive and thrive. We want you to succeed – reach out to us at CCG and be on your way to a successful future.