In the last few years, we've been doing more research on statistics for marketing purposes. Hint Hint... This is a good idea to do. Know what your small business contributes to. Know what you can solve for your potential customers. Do your research.
These are three things we have observed and this statistic backs it up:
1) Not managing money well (cash flow out)
2) Lacking confidence and skill to sell (cash flow in)
3) Not being organized and therefore it creates bad public image (cash flow in)
According to a U.S. Bank study, a whopping 82% of businesses that failed cited cash flow problems as a factor in their failure.*
Now, here are the solutions:
1) Get someone else to manage the money. Focus on what you can sell and deliver. Get an affordable Bookkeeper, wife, husband, older child, partner to help with controlling and managing the finances. AS LONG AS THEY KNOW WHAT THEY ARE DOING!
2) Learn how to sell, to be persistent, to be confident. This is what it takes to acquire customers who are just as busy and overwhelmed as most of the people on this planet... if they are actually go-getters. You have to believe in yourself. You need to know why they absolutely NEED your services and why you have a responsibility to follow up with them and convince them they should work with you or buy from you. There are classes out there that can help with this. Message us if you need some resources.
3) Get organized! We don't care if you are a solo entrepreneur or three-man-band or larger. This is crucial to ANY size business! It's how you handle a lot when you are small and it's how you don't fall on your face when you grow and have tons of customers rolling in.
Now, one and three we can help with. Two we can refer you to. The bottom line though is, get these things in! You will thank us later. If you would like to reach out to us for more information, contact us.