Every day a new business starts, 10 businesses fail every day. Many of them start with the same resources to succeed like talent, a great idea or product, and startup capital yet they don’t all succeed. The subject of why is the core of this blog article. What can we as business owners learn so that we don’t become the next one down?
Every business has different needs, with different products, different target customers, and a different vibe for each office. Like fingerprints, business have all their own unique sets of needs. An E-Commerce Business that sells clothing might need specialty graphic designers, and the logistics to support inventory, while a data company must focus on getting the best possible business/IT minds together with Programming to make and execute their new customers’ back-end architecture.
For a barber shop or retail store the location is everything and resources must go to real estate, and product placement. So as you must now understand if you didn’t before how different, businesses can be.
While it is great to think of your business as being like a unique delicate snowflake, and it is as I laid out simply earlier, what successful startups and small businesses alike know is how to manage what is unique while remember what is NOT unique to every business.
Now, what do I mean when I say “personnel?” Admittedly the word is a bit obtuse so let me clarify. When you work at a large company, everyone’s job is clearly defined. Jack does processing only and Julie does data entry only. A mistake startups make is attempting to continue the big business thought pattern of separate and specialize when there simply aren’t enough people to grow your new company effectively doing it that way. You may have heard the CEO or President of a successful business say something like “I started doing every job of this business until we grew enough so I could hire some help.” or “I wear a lot of hats around here” This is the attitude a new business owner, CEO, President and any aspiring ground floor employee MUST HAVE, studies show.
Nobody should ever be heard to say “That’s not in my job description” FIRE THAT PERSON ON THE SPOT. You want team players like a CMO I know who has been known to take out the garbage in the kitchen before the slow-pokes in maintenance get around to it (and yes that CMO is me if you were wondering).
Finally, the great equalizer: MONEY. Like Love as the Great Huey Lewis sings in “The Power of Love(money)” from Back to the Future,
“(Money) It’s a curious thing. It can make one-man weep, and another man sing”
Every business needs it, small and large alike, it’s on EVERYONE’S mind. You have probably thought or said yourself more than once “I don’t come here every day for the people, I gotta get paid!” Well, you and everyone else including the Owners, CEO, President and Executive staff. So what happens if your company finally starts doing well, and you need to expand your business by buying more inventory to increase profit, or purchase more equipment to handle more clients and increase revenue? You quickly realize that your monthly costs are eaten up too fast to save up but you have a healthy Gross Profit Monthly. That’s where Tigerlyfe Capital Solutions can help. They can lend up to $250,000 to your business with a small business loan in unsecured capital within hours of your approval. All they need is your previous month’s bank statements showing you are maintaining gross monthly revenue of $10,000 – $250,000 and you qualify for THAT AMOUNT most times and that day. Call them now at 844-868-TIGER (8443) or visit Tigerlyfecap.com to apply.
Written by, Nathaniel A. Kingsley, All rights reserved 2016