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Federal Small Business Administration statistics report that 80% of all small businesses fail within the first five years, which equates to several hundred thousand business closings annually. Proper planning may be the basic tool, but there are several elements to consider when starting a new business venture. Following are the more common reasons that small businesses fail or, in other words, the more important new factors in planning a successful business: 1. Lack of experience or vision 2. Failure to set goals or unexpected growth 3. Lack of management systems 4. Lack of product or service quality control 5. Poor location 6. Insufficient capital (money) 7. Poor inventory management 8. Over-investment in fixed assets 9. Poor credit arrangements 10. Personal use of business funds 11. Competition or lack of market research 12. Low sales
Achieving your business goals in 2011 is about having specific goals with deadlines, analyzing what works and what doesn’t, and regularly evaluating your progress against your goals. The biggest difference between businesses that succeed and businesses that don’t is the simple act of making it happen. Don’t linger. Take action and move towards your goals. Decide what you want to achieve, and then design a plan to get there.
Early in 2011, a thorough business assessment will give you a clearer picture of where you’re starting after the ball drops in Times Square. Ring in the new year by evaluating what worked well this year and where your small business can improve to retain customers, continue to remain profitable, and hold on to the best employees.
We have three services we offer to help you achieve your goals:
1. Business Research for topics related to your business;
2. Branding opportunity with .Pro domains
3. Free Business Directory Listing on YourBusiness.Pro
