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Are You Poised For Survival?
Yikes. The following statistics suggest a pretty harsh environment for new business start-ups. Only 31% of those businesses which begin transacting this year will survive to see the next decade.
Small Business Survival Rates:
Small Business Openings and Closings in 2007:
There were 637,100 new businesses, 560,300 business closures and 28,322 bankruptcies.
Two-thirds of new employer firms survive at least two years, 44 percent survive at least four years, and 31 survive at least seven years.
Findings do not differ greatly across industry sectors.
Source: U.S. Small Business Administration Office of Advocacy, Sept 2008
How can you assure your business will be one of them?
Strategically assess your target market.
You can't be all things to all people. Be different. Determine your niche--this may mean keeping a narrow focus.
Build a team.
Don't employ individuals to work in a silo. Hire each person to be part of your team. Encourage collaboration.
Don't underestimate the importance of speed.
Time is your most precious commodity. Return calls and emails promptly, seize opportunities when you see them and don't delay.
Be consistent.
Clarity is key. Keep messages similar across all marketing channels, and the same look and feel for your brand. More importantly, make sure all customers walk away with the same experience, no matter which employee they interact with.
Be positive.
Say thank you A LOT. Smile. Be optimistic. Positive attitudes are infectious. Customers buy your products and services because they like you.
Solve problems.
Do what is best for your customer. Identify needs and provide solutions. Think outside the box.
I'd love to hear some of your success stories! Please share them!
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