Running your own business successfully is not an easy thing to do. In the first year alone, about one third of businesses tend to close their doors because they just are not making a profit. In the first five years, about 50 percent of businesses fail and drift into the sunset. And if you are lucky enough to make it to the ten-year mark, you are beating out the 66 percent of businesses that have already closed their doors permanently according to the Small Business Association (SBA).
However, keep in mind that you cannot reap the rewards if you don’t take a bit of risk now and then. If your business is not doing as well as you would like, there are steps you can take to get it back on track.
Bring in More Funding
The number one reason businesses fail is because they lack the proper funding to carry on. This could be due to several reasons. Perhaps they are not making a profit and it has eaten away at the money in the bank. Or maybe the funding was just not there in the first place and everything was put together on a shoestring budget. Whatever the case, there are ways you can bring in more money. It may mean taking on a partner or looking for a loan, but if you truly believe in your dream, it may be worth it.
Talk to Someone Who Has Made It
If you want a successful business, then you should find a mentor that has been there and done that. You need someone that can help guide you in making the tough decisions. While you can also learn from the people that have not made it in the business world, you probably should listen closely to the ones who have.
Run the Right Software
Instead of doing more work for yourself by learning several different programs, you need to find just one business program that does it all. For instance, NetSuite is cloud-based and can handle your financials, customer relations, inventory, payroll, and numerous other things. More than 40,000 organizations already run NetSuite and if it works for all of them, it should work for you as well. You can improve your skills with NetSuite solution providers and consider adding the program to your business. It will be one less headache you will have to deal with!