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STARTING A BUSINESS?

According to the U.S. Bureau of Labor Statistics roughly 20% of small businesses fail within the first year, 33% within the first two years and 50% within the first five years.

SCALING AN EXISTING BUSINESS?

A recent study conducted by Dunn & Bradstreet found that 90% of all business failures can be traced to poor management resulting from lack of knowledge … the inability of management to critically think about their business.

Critical thinking isn’t an abstract, transferable skill … its “domain specific”. In other words, critical thinking is intimately tied to knowledge of the subject. First, you must possess information to think about it & the way you think about information in one field (like business) is almost entirely different from how you think about it in another field (like chemistry). To avoid these common traps and mistakes, it is absolutely imperative that you acquire business knowledge and apply it.

Critically thinking about your business requires knowledge in four key business areas: planning; accounting; marketing/sales; and Human Resources. Improve your domain specific business knowledge: subscribe to free weekly Small Business Thoughts posts; view the free Micro-Thought videos; sign up for a free personalized business mentoring session and be sure to download your copy of “Small Business Thoughts Real-Time Strategic Planning“. Start planning your business success!


Sample “Thoughts Library” Posts

  • Document Your Sales Process
    I have been asked, “Why do I need a defined sales process?” My answer is you don’t…unless, of course, you: A defined process makes it easier to test ideas for improving sales results. A defined sales process with conversion rates can allow you to quickly generate, pipeline and revenue reports. For example, if you have […]
  • How To Work With Annoying Manager Traits
    We’ve all heard it before, “People leave their managers, not their companies.” While statistics vary, at least one recent survey shows that over half of respondents quit a job because of their boss, and an additional one-third have considered quitting because of their boss. So, yeah: People who quit jobs often actually quit their manager. […]
  • Scale Your Business Using Retention & Endorsement
    During a recent mentoring session, I was asked how can a business scale in today’s climate? For a business to scale, consider the following fact…studies show it costs five times more to sell to a new customer than to sell to a returning customer. So, instead of focusing all your attention on gaining more leads, […]
  • Your Time-Focus Should Change While Starting A Business
    Before I get into today’s thought, I would like to share some facts. Small businesses make up 99.9% of all US businesses and create 1.5 million jobs annually. There were 32.5 million small U.S. businesses in 2021, according to the SBA. Of those, 22 million were individually operated, meaning they have no other employees other […]
  • Aligning The Marketing-Sales Process For Profit
    During the pandemic, small business weaknesses were exposed. Many failed because they did not align their marketing and sales functions into an integrated process. By this I mean that marketing, the sales personnel and all of the company employees must work together in the areas of strategy, tools, and customer acquisition to maximize the business […]


Sample “Micro-Video” Thoughts

How To Vet Your Startup Business Model Concept


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