Finance

  There's no one magic wand. Business survival and success depend on managing a combination of factors successfully.  Pause! This combination must be driven by a clearly thought out selling point matched by a singularity of focus. This selling point, a summary of  the primary reason customers should choose you to do business with instead of competition, is the driver of business survival and success  After you have clearly defined your selling point, shift your focus to situate it with needs and expectations of your target market, investors, suppliers and the public.  While at it, don't forget to be flexible and adaptable to changes. Don't also forget that the customer is king. Therefore, customer satisfaction should be regarded as a very important consideration for the sake of business survival and success.  Another point to keep in mind is that business success takes time. At the early stages of the business, expect expenses to exceed revenue. But with ti...

 "Data from the Bureau of Labor Statistics (BLS) shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. These statistics haven't changed much over time, and have been fairly consistent since the 1990s.Though the odds are better than the commonly held belief, there are still many businesses that are closing down every year in the United States." For a startup to grow a going concern that outlives the founder, attention must be paid to little details, after all God is in the details. What are these details? They are! 1. Ideas, 2. Cash flow, 3.Salesmanship.. What have successful entrepreneurs said about ideas? 1. Capital isn’t that important in business. Experience isn’t that important. You can get both of these things. What is important is ideas. – Harvey S. Firestone. 2. Get a good idea and stay with it. Dog it,...