Do you know 10 reasons why Small and Medium Scale Businesses fail? One of the main reasons behind this failure isn’t lack of motivation, lack of hard work or lack of passion. The major reason is “No Prior Knowledge” of the business industry which you are starting. Now, the question is how to safeguard a small business from failing? The answer is pretty simple, hire a small Business coaching firm, or small business coach.
Why Small Business Coaching?
It is said not to test the depth of waters by putting both of your feet inside it. In order to check the depth of the business, you just need to take half of the responsibilities in which you are good at. Rest of the tasks should be left on the Small Business Coach. They will be able to handle most of the complex tasks which can be elaborated like:
Business /Product Market Research
Business Research, Marketing Research for the product or service is really important. It includes and may not be limited to Market Analysis, Risk Analysis, Brand Analysis, Demand Analysis, Competitor Analysis, Product Analysis and Distribution Channel Analysis. I am pretty sure, that you haven’t thought of all these analysis before starting your small business. Even these were in your mind (if you have little background of business studies) but you haven’t thought of analysis all these factors. This is the fine reason that you should hire small business coach.
Jump Start Small Business
It is said why to “reinvent a wheel” especially when you can buy one. Your time spent on invention of wheel will not only be costly but will drain out lot of passion, energy and focus. If you are a good small business manager, you must know how and when to delegate the tasks to the right employees. Similarly, Small business coaching can help you in saving time and efforts. SBC will also help you in saving yourself from making the mistakes which most of the people have done in the past, therefore you have the experience of 100’s of failures. The higher the experience of failure, the higher the chances of getting successful in small business.
Ready made Financial Reporting
Financial Reports generated by the Small Business Coaches are normally based on the International Accounting Standards (IAS) and therefore there are very less chances of theft and embezzlement in your start-up business. You are obviously not in a position of loosing anything, especially when you haven’t gained single dime yet. Therefore, standard financial reports can keep your work easy, stop malfunctioning in small business and helps you in making quick decisions be seeing the financial performance indicators of start-up firms.
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Legal Issues in Small Business
Small businesses needs to go through a lengthy legal formalities which may vary state to state and country to country. Each country has different legal formalities to be met. From Income Tax to Sales Tax or Value Added Tax reporting in small business, every step needs a proper guidance and professionalism. At every step there is no need to hire attorney for small business, accountants for small business, legal counselor for small business.
Small Business Loan & Financing
Whether its a 24 hour business loan which can be acquired in short span of time or its a commercial loan from the commercial banks. Small Business needs to check every corner of the commercial loans where they can calculate small business loans interest rates. They have to look for, how to avoid small business bank loan to become a bad-debt. Business lending is not an easy task to invest and get return on investment better than the interest rates. Lets assume you get business bank loan at 7% lowest rate and just able to generate 3% Return on investment. It shows you fall short of 4% which will create a negative impact on cash flow of small business. Small Business Coaching helps you in getting through all this hassle and manage best possible cash flow operations for small business.
Which Small Business Coaching Firm to Choose?
Every Small Business Coaching firm or Small Business Coach isn’t professional enough in all fields of trade. Normally there is a small business coaching firm which consists of multiple finance professionals for small business, marketing professionals, legal experts for small business and business research agents as well. A best combination will work out for your small business to get good take off position. Once the wheel is running small tweaks can be make to takeover the tasks one by one from the small business professionals.
We are developing multiple lists of small business coach in USA, small business coach in UK, small business coach in India and Small Business Coach in Pakistan. We are working on all these major countries as these are known as top startup generating businesses in the world. Stay tuned with us for more updates on small business news and updates.
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