04 Oct 2022
Running a business is never easy. It takes a combination of things—the right mix of staff, the right business plan, the right branding for your products or services, the right timing, and so on. Studies have shown that about 20% of small businesses fail in their first year and roughly 70% of them don’t make it past their tenth year.
Too often, small businesses fail because of lack of capital or funding. Some also fail because the owner had no vision or a business plan, had poor financial management skills, had an inefficient management team, had no marketing initiatives, and had failed to keep up with the times.
Today’s new breed of startups and entrepreneurs, however, are seeing more windows of opportunity in surviving when it comes to funding, thanks to the emergence of global crowd-funding platforms and access to more venture capitalists and angel investors.
But to run a business, it’s not enough to just secure your oft-needed capital. The goal is to make it grow. You must also be cognizant of the fact that it’s a competitive world. There are a lot of uncertainties. You fight for your survival.
So, what do you, as an entrepreneur, need to do?
First, learn how to use your capital wisely and make it work for your business. It helps to visualise your success but it’s a must to be honest with one’s self and face realities.
So, how can you sustain your business given the odds? Here are some experts’ financial advice.
Keep those eight basic financial pointers in mind and your business would be running smoothly while you set your goals to new heights.