In today's world, anyone can start their own business. We can start selling any product, anytime, and from anywhere in the world. All we need is a phone and an internet connection. However, the odds of a new business becoming successful has not increased. Statistically speaking, one out of five new businesses won’t make it past their first anniversary.
So how can small businesses improve their chance of success?
For over two decades working with small and large companies to help them become more successful, Cindy Johnson knows just what to avoid and what to focus on. In this segment, Cindy summarizes the top reasons why some businesses failed and provide key success strategies to put your business on the right path.
Cindy mentions among many reasons why businesses failed, not having enough demand for products or services often came up as the number one reason. With approximately 600,000 new businesses start each year, the competition is fierce. The quote “if you build it, they will come” should never be used to launch a business. Research, Research, Research.
The key takeaway is if you can only do one thing today to improve your chance of success, make sure to surround yourself with the right talents. There are networks of experts that small companies can leverage instead of breaking the bank to hire a full staff in-house.
To learn more about how Cindy and her team use data science and strategy development to boost your business success, visit www.theoptimalimpact.com.