A Somerset Area Small Business Accountant Wonders: Are You Set Up To Fail?

A Somerset Area Small Business Accountant Wonders: Are You Set Up To Fail?

April 6, 2012

When a company like Facebook falls on its face with their IPO, it can have a tendency to cast a bit of a gloom over the marketplace (even here in Somerset Area).

And then, of course, we have the Eurozone falling apart with what looks like a run on banks in Greece, and Spain seeming as if it may not be very far behind. But again — may I remind you that participation in this gloom is entirely up to you? I’m not here with some empty “buck up, kid” message, but rather a simple reminder that you can spend your time and emotional energy getting worn out by today’s headlines … or you can set about the business of growing YOUR business.

Blinders are necessary sometimes. But not when they are keeping you from what needs to be done to accomplish this very task. Here’s what I mean … a simple reminder that you must always be thinking about what’s next.

A Somerset Area Small Business Accountant Wonders: Are You Set Up To Fail?You know that the failure rate in small business in this country is very high. At least 85% and maybe as high as 98% of new small businesses fail before they hit the five year mark and the statisticians and the other accountants will tell you that they believe that the reason for that failure is under-capitalization and poor fiscal management. And I would imagine that these statistics hold true here in the Somerset Area area. I can point you to small businesses that have failed with enough money to do everything they needed to do ten times over. And some management consultant will tell you it’s poor management ability.

I suggest to you that what it is in most cases is that the small business owner decided that once he or she was in business, they didn’t have to sell. Many people in many types of small businesses believe they don’t have to sell.

For example, doctors believe that they don’t have to sell. There are a lot of restaurant owners who believe that. Many retail store owners believe that “we open the doors, and the customers come to us, and we don’t have to sell anyone.” You obviously have some method you use to promote what it is that you do or you wouldn’t even be in existence. But you may only have one method or two methods or three methods that you use. The more methods, the more business.

Diversity is the creative opposite of laziness. So may I humbly suggest that you need to think: “How can I use more methods to attract people to do business with me than any other competitor will use?” This may be trying out media which you’ve never tried. Testing phone sales. Attracting different kinds of referral partners. Selling additional services to existing customers.

Again, the more methods, the more business. Hopefully that thinking process has begun to take place for you today. And remember — my team and I are here for you to help you make sense of it all.