We often hear how starting a new business is stressful, demanding, time consuming and may take years off your life if you are not going about it the right way. We hear of studies that have stated 90% of businesses fail within the first five years of life, but fortunately, the Small Business Administration tells a different and more encouraging story. According to the SBA, “about two-thirds, or 66% last past the first two years, leaving only a third of businesses that fail within these two years. Extended to four years, the number of surviving businesses decreases to only 44%, meaning that about 56% of businesses fail at the five-year mark”, a far cry from the 90% previously claimed.Continue Reading
Business Planning Tips
Entrepreneurial success can often be attributed to the creation of thorough and well-constructed business plans. This is often true in most successful startup ventures, whether the business stems from a partnership or sole proprietorship. Wikipedia defines business plans as “formal statements of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.” Having a visual guide to reference and abide by is most useful when using this business plan platform.Continue Reading
by Ann Connor
The Lack of or a Poor Business Plan
The Business Plan –
Not Just For Start-Up’s After All
The single most critical component that determines your company’s success or failure is your business plan. Doing one right forces you to think and plan strategically. It outlines your goals and identifies how you are going to achieve those goals and what is required to do so.