A small Small Business summary
Small business is big business in the United States. There are more than 600,000 small businesses in the country that generate more than $1.5 trillion for the economy each year and employ about half of America’s working population. But even though most small businesses are successful entrepreneurs, many don’t succeed because they make mistakes at critical points in their development or ignored key opportunities to grow.
It takes planning to avoid pitfalls and maximize success when growing a small business. For example, don’t neglect to take the time to assess your financial health and ensure it’s in good order before growing your business. When you hire employees, the first step is understanding your business’ needs—particularly its strengths and weaknesses—so you can accurately assess their value to your company.
You’ll also need to keep up with new opportunities as they emerge—financial, labor or technological—so you’re not stuck in a rut. Finally, remember that growth takes time—sometimes a long time. You might start with one small measure of change or improvement and work your way up to large-scale strategic change. Or the first phase of growth could be so small it feels like “just another day at the office.”
Small Business Big Business – An infographic by the team at My Business Mentors: [Infographic Source]
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Dr C is an entrepreneur and the author/creator of Business Ownership Lifecycle Concepts – a holistic approach for new and existing entrepreneurs on how to start, build, manage and exit a business . He is also the CEO & Co-Founder of Amillion Ideas Ltd. a digital marketing and brand consulting agency based in Zurich, Switzerland. Connect with him on Linkedin, Twitter & Google+.
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Posted In: Business Ownership Lifecycle Concepts, Business Startups, Business Structure Decisions, Business Planning & Strategy , Entrepreneurship & Small Businesses , Growth & Expansion Ideas , Inspiration Ideas , Life Experiences , People & Culture Tips & Tricks
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In this article: > Structuring a Business• Outline of this Article> Gaining a Competitive Advantage: The Most Important Aspect of Starting up or Expanding a Business• What's your opinion? Do you agree or disagree with the points made in our article? Share them in the comments section below. We look forward to hearing from you!If you found interesting articles, please feel free to schedule a private consultation with Dr. Cornelius. Your input is critical in determining the direction of your business, and we would like to help you play your part in shaping the future of entrepreneurship!
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Conclusion
I hope you enjoyed reading this article as much as I enjoyed writing it.
This article is especially written for the readers who are on the lookout for information on financial management. This helps them in understanding the importance of evaluating their business model to build a strategy. I would like to hear from you – do you agree or disagree with this article? Do you have any suggestions that should be included in this article or any other suggestions? Please feel free to leave a comment below. For more information on business ownership, please see our website at amillionideas.com or book an appointment with Dr C through our contact page here .