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Many entrepreneurs who have started their own business venture will openly acknowledge what a supremely difficult challenge it can be. If business was easy, everyone would be doing it, wouldn’t they? But widely accepted statistics reveal that during the first year half of businesses fail. The figure gets worse – within 5 years of starting, 95% of all businesses fail. Why do so many business ventures fail and why do so many start-up businesses repeatedly make the same mistakes?
Deliver your vision
Most business start-ups are a result from an eager entrepreneur’s idea. Whilst ideas, commitment and dreams should never be discouraged, successful businesses flourish because their owners also know how to execute their vision. They either have a solid business background themselves or they aren’t afraid to hire experts to fill in the gaps.
Many business entrepreneurs are excessively optimistic at the outset. Confidence should be encouraged. But many under-estimate their over-heads and over-estimate forecasted revenue. Another mistake they make is that they fail to acknowledge activities that they don’t perform well or don’t enlist the help of qualified and experienced professionals until it’s too late.
Outsource your accounting
It’s perfectly acceptable to acknowledge that you can’t do everything. In fact, it’s often very smart to seek a second opinion or outsource an activity that’s not in your armoury of strong-points.
Being in business requires allocating time and energy to keeping accounting records, completing tax returns, and myriad other tasks. Many business owners simply want to focus of the parts of the business they enjoy most – customer service, sales, product design, etc. Whilst all of the extra accounting work that goes with running a business can be a burden, it’s a reality – it has to be done.
You can work long into the night or weekends to stay on top of the paperwork. Or you can engage professional support to help you and relieve you of some of those tedious but important activities. The choice is yours. As a new start-up, you’ll need to ensure that you have dotted all of your i’s and crossed all of your t’s.
Choose a reputable partner to help you lay the solid foundations that will be vital for your business to grow and flourish.