There has been a law in the business world that 80% of start-up businesses tends to crash few months after they were started,this is quite true as i have personally observed this in the lives of so many entrepreneurs that i have come across,i personally was not happy with this kind of statistic and i therefore decided to investigate the cause of the failure of so many start-up businesses,during the course of my research i was able to put together three ways through which any kind of start-up business will be able to survive even in the toughest economy anywhere in the world,so if you have been looking for how to ensure the survival of your business,then look no further because mapbiz will definitely give you sure techniques to success.
1.INVEST BACK YOUR PROFIT
You know one of the benefits of owning your business is having to earn infinite profit,this is really a good part of entrepreneurship and is a major reason why most persons now venture into entrepreneurship,now if you just started a new business you should not be too quick to start enjoying your profit,this is a mistake most new entrepreneurs make as they feel they are entitled to their profit as a reward for their hardwork,yes it is your profit but if your business must survive you must learn to invest your profit back into your business,the secret of success is sacrifice,you should learn how to sacrifice your little profits to be able to enjoy your future mega profit,if you start eating up your profit because it is the reward of your hardwork your business won't grow as your capital will remain the same,so in other for your business to grow you should learn to invest back your net profit(after your expenses have been deducted from your initial profit),as this will lead to an increase in your capital and definitely a growth in your business,see your new business as a maize seed you just planted and after 2 months it started to bring out cobs but it is not yet matured as it will take 3 months for it to be fully matured,will you then go and eat it as it is not yet matured all because it brought out cobs?,definitely NO,so also is your business,the fact that it earned you profit does not mean the business it is matured,so you should learn to give it more time by investing back your profit into your business.
2.PROPER ACCOUNTING
This is one thing that i find missing in most start-up businesses,firstly because most entrepreneurs see no reason to have it as the business is just a new one,while others see no need for it at all and some just don't know how to give a proper accounting for their business,the first category see it as something that is meant for only big time businesses,they see no need to give account for the few dollars they used to start up a business,this is a major reason why most start-up businesses fail in just few weeks of existence,proper accounting is needed if your business is to succeed,as it helps you to know how your capital flows and also enables you to make the right decisions which is needed for any business to grow,if it wasn't important,then those big time businesses should not have an accounting system,if they fail to give proper accounting for their businesses then it will crash in few weeks,now if improper accounting could crash big time businesses,how much more a start-up business with little capital,so you should learn to have a proper accounting system,this can be done by taking daily records of your sales and purchases,also of your daily expenses,you will really find it helpful as your records will tend to guide on what to purchase as with it you get to see what product sells most,and it also makes you to have an insight into periods when you get to make more sales,as from your records you will be able to know what days you sell more and this will make you to equip your business more on those days
3.MINIMISE EXPENSES
Yes you are bound to make profits but also you are sure to have expenses,every business have it's kind of expenses depending on what you sell and how you sell,as a start-up business you are sure to have some expenses,but there is a greater chance that your profit will always be higher than your expenses,this is a fact most entrepreneurs know of and are ok with it,most entrepreneurs just accept these expenses since their profit will always be able to take care of them,this is not wrong but for your business to stand a better chance of surviving you should be able to minimise your expenses to the bearest minimum,as this will tend to increase your net profit and if you are the kind that invests back into the business as earlier recommended,this will definitely lead to a growth in your business,many at times because most entrepreneurs are ok with the expenses they have,they fail to see possible ways of minimising them,so you should never be ok with the expenses you have,as this will make you to think of possible ways with which you can reduce them.
if you are able to keep to the above 3 recommended ways,your business definitely now stands a better chance of succeeding.
my name is Godwin Favour and i am wishing you GOOD LUCK!!!
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