Success 2019 For Your Small Business
Submitted by Linda Ockwell-Jenner on
Success is not complicated, it is simple, but people over complicate the process.
There are at least 1.8 million small businesses in Canada alone. It's not the competition that determines if a business fails, it's the business strategy, obviously that depends on if the business owners have a strategy at all!
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Many small business owners become jacks-of-all-trades and do a little bit of everything when it comes to managing their businesses. This versatility can be a tremendous asset when first starting a business. As time goes on, however, the small business owner who continues to do everything him or herself will hit what I call the success stopping point.
In a recent podcast, we covered the concept of building a business foundation for your small business. Why is it that important? Here’s a statistic. Roughly 50% of businesses in Canada fail within their first 5 years, often before they’ve had a chance to hit key business milestones. That’s an alarming statistic for any business owner, even if they’ve passed the 5-year threshold. What causes those businesses to fail?