06/18/2018 by Jason Smale
So, you’ve decided to embark on the journey of entrepreneurship. Congratulations!
By now you’ll have spent countless hours wrestling with the challenges you’re going to face and balancing them against the potential rewards. You arose from this experience with renewed faith that there is hope for your business in the marketplace, and you’re not going to back down from contending for your piece of the proverbial pie.
But, before you run to the market with your idea and aimlessly start trying to execute your vision with neither a clear understanding of your goals, the market you’re contending in, or the financing required to properly execute your vision; ask yourself a few important questions.
- Have you taken into consideration the market conditions you’re about to face?
- Have you assessed the competition, evaluated their business model, and understand their weaknesses and strengths in contrast to your own?
- Just what are the strategic goals you have set for your company over the next 2 to 3 years?
- Will you require financing from a bank, commercial lender, or investor?
- Have you drafted your vision into a legitimate business plan?
The current statistics involving small business failure rates, clearly highlight the number of business owners entering the market with unofficial plans and no accountability to the progress of their business venture. The dream of entrepreneurship quickly turns into a nightmare for far too many business owners when they enter the market unarmed and ill-prepared for the challenges ahead of them.
9 out of 10 start-ups fail (Griffith, 2014)
But it doesn’t have to be that way. Premier Business Solutions offers the combination of business consulting services with accounting, bookkeeping, and tax planning and preparation. You will not find this unique set of services under one roof at your local bookkeeper or accountant’s office. It not only separates us from our competition, but offers our clients the unique ability to have someone in their corner who partners with their vision, helps them establish a solid footing in their market by providing a solid plan for their entrance, and stands with them as an accountability partner as they progress towards their goals.
Sound business planning has been proven time and again through studies to not only improve a business owner’s chances of receiving financing and accelerating their growth, but also mitigates the potential damages caused by a failed operation.
- Planning can help a company grow 30% faster, and achieve the right type of growth
- Entrepreneurs that take the time to create a business plan are 152% more likely than their counterparts to succeed on their vision.
- Companies can reach as much as 92% growth in annual sales year over year with a properly executed business plan
- Companies that are seeking funding, are far more successful when approaching a lender or investor with a strong business plan.
Your venture can be every bit of success you’ve mentally envisioned it to be. In fact, others are counting on it. A successful business launch and long-term sustainability breathes life into the dreams of those around you. Your family, friends and employees will look to you to provide them with hope that they to can reach out and realize their dreams too.
Before you leave