Success is predictable?

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Success is predictable?

Encourager-In-Chief: May 15th, 2019

Business failure is avoidable!

Today’s blog is written by my guest speaker Dwight Smith, owner of Stewardship Small Business Services and Stewardship Small Business Academy.

A business is usually started because an entrepreneur feels very strongly about something. It may be a hobby that he or she does, a skill he or she possesses, or a talent the entrepreneur wishes to share with the world.

Why then, do so many businesses fail? No plan, that’s why. The eager business owner just wants to do what he or she loves. According to the Small Business Administration, businesses with a plan succeed 85% of the time. Contrast that with failure rates as high as 90%.

Why is developing a plan so helpful? Creating a thorough business plan allows you to work through the inevitable problems we all face as business owners before they occur. When we plan, we can determine:

  • What exactly will you sell?
  • Is there a genuine demand in the marketplace?
  • What will I charge for my product or service?
  • Am I charging enough?
  • Am I charging too little?
  • How much money can I generate (really)?
  • How much will running the business cost?
  • How much do I have to sell each month to be profitable?
  • Should I get a business loan or investor?
  • And dozens more considerations

So why don’t business owners write a plan? It’s because the task can seem overwhelming. With the proper guidance, any entrepreneur can write a business plan. I had businesses for 20 years before I wrote my first business plan; that was a decade ago. That plan helped me grow my accounting business so quickly that now I won’t do anything without one.

If you would like to learn how to write your own business plan or for any information on starting or running your own business, please visit my website!

Let me hear from you!