Small business training is the roadmap to successful business results. There are all types of pitfalls that can occur while building a small business. According to the Small Business Administration 10-12% of small businesses close each year. Asking the right questions and getting answers could be what you need to get your small business to its next successful level. What are some of the challenges that small businesses face becomes an essential question? Let’s examine three small business pitfalls that stop successful business results.
Poor Management: Small business thinking versus Big business philosophy; poor management is because there is a lack of education and training. A small business thinker does not believe that they should spend time or money on professional training programs. The big business philosophy is that we must apply and maximize training programs that add value to our long term success. Seek out professional training programs that will add value to your small business objectives.
Lack Mentorship: Small business thinking versus Big business philosophy; small business thinkers are easily offended when suggesting that they would require business mentorship, coaching, or consulting. The big business philosophy is that we need to get the best advice, and surround ourselves with others that are smarter in key areas; this will help us focus on our sweet-spot. Seek out business coaches, mentors, consultants that add value to your strengths.
Lack Up-to-Date Industry Knowledge: Small business thinking versus Big business philosophy; small business thinkers don’t do their industry homework. The big business philosophy is we need to know what our industry and competitors are doing. Who, what, when, where, and how are excellent questions to ask about your industry and competitors. An industry can develop and change over-time staying up to date on industry knowledge is the force needed to boost a small business. Simply put, do your homework.
According to the Small Business Administration, “About half of all new establishments survive five years or more and about one-third survive 10 years or more. As one would expect, the probability of survival increases with a firm’s age. Survival rates have changed little over time.”
What roadmap are you going to take for your small business’ survival?
San Jose Women’s Business Examiner invite you to subscribe by clicking subscribe at the top of the page.