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Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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Top 6 Reasons Why Some Small Businesses Succeed and Others Fail

 

Startup companies always wonder why other small businesses seem to get ahead fast and able to use more effective strategies than what they have in place. If you look closely, some strategies have flaws but solutions to these problems are at hand. It’s just a matter of revisiting systems that are already in effect and which ones might not work in your favor.

Here are some reasons to help you stand out from the rest.

Family-Owned

A family-owned business may gain some success compared to the otherwise. This is because there is little chance of borrowing with regards to capitalization. Loans incur high interest rates while self-funding from family members don’t require that much interest or arrive at nothing at all.

Blood relations are amenable to foregoing quarterly earnings; a far cry from business partners who want to receive their paychecks on time. Therefore, the money can still be rolled to spend for developments or purchase office equipment, software, or stocks.

Lower Rental Expenses

Small businesses can start by using property they already own. It may not come as a surprise but several successful companies started in their own backyard, garage, or another friend’s house.

While other entrepreneurs use their business locations for free, some turn to renting a locale. What wise business owners do is to make good as tenants. Meaning—they pay on time. This leads to huge possibilities of negotiating for lower rental fees in the succeeding months or until revenues become stable. 

Closer to Consumers

A good number of small-sized businesses are up to close monitoring of their customers. Being in constant communication with your target market by quickly answering their queries creates more loyal patrons. Although chat support is in place, there is nothing better than personalized service.

On the other hand, smaller companies never forget to check out their past customers. There is always a good for you to do this. For one, you want them to feel that you remember the last deal you had. After sales service comes close to being a well-patronized business which makes up for longer staying power.

Small Team, Faster Decisions

Starting a business with a smaller number of individuals is an excellent idea. You only need a handful with each owning several skills in order to come up with a good business plan. In such case, hire people whose skills you lack. This saves you from paying additional paychecks.

Brainstorming with a strong team on a regular basis is of great importance. This is where you can determine your company’s weaknesses. With efficient players in front of you, ideas can be honed and executed fast according to plan.

Knowing How to Reinvent

Several company owners are prone to experiencing some sour notes and may tend to lose money during operation. Smart entrepreneurs see this as a challenge to find another way in order for their business to survive. What they do is come up with a survey to find out from existing customers on how they look at the business at the present and how they see it in the months to come.

This gives the company an idea on which products should be included in the future sales sheet and which ones to cross out. Reinventing does not mean changing the whole landscape. It only needs some perking up here and there unless the company is losing heavily.

Legally Advised

Small company owners with a good share of the market are those that have enabled their businesses to expand. Expansion means progress and this provides a chance of getting a high resale value in the advent of reselling the business.

If the purpose of selling a business is the opposite, then, thinking about how to get the most of the capital back is imperative. Hiring a business lawyer in the area can do the trick. A legal advice may cost you money but the benefits a company can get from it are enormous.

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