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The Number One Business Success Criteria

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The Number One Business Success Criteria

The Number One Business Success Criteria

Did you know that 95% of all new businesses fail within their first two years? Why?  Not because of a deficit of talent, great ideas, customer service, the ability to sell, or for lack of trying.  If you find yourself awake until 2 AM on a regular basis working on your business, or frustrated about not getting ahead of the curve despite all your efforts, take a minute to reflect on this:

Surviving business owners know one thing: good financial management is the foundation for ensuring business success - giving their time, talent, and ideas every chance to bear fruit. And while a good financial plan can help overcome any business obstacle, there is no amount of money a business can make to overcome poor management of their finances.

Here are some of the benefits that a good financial plan can give you, both tangible and intangible:       

•  Cash Flow Management - you run your business, instead of it running you 
  

• Short, Mid and Long Term Projections and Goals - line of sight to revenue breakthroughs, milestones and business goals

•  Definition of your 'hedgehog' - your passion, core competencies, and analysis of your greatest profit streams and profit potential

• Control - optimally interact with your business driven by meaningful interpretation of your numbers/data

• Time - easier and faster to navigate the waters of your organization

•  Exit strategies - you will leave your business at some point in the future, either by a planned design or random circumstance the path is your choice!

The health of the US economy has been and will always be tied to the growth of small businesses. The greatest breakthroughs, such as the telephone, the light bulb, and the internet, and companies such as Nike, Microsoft, and Craigslist, all started as ideas, just as your business has.  Look after the financial well-being of your business to ensure that your dreams and great ideas come to fruition.