As a business owner you’re probably really good at what you do. That’s why you started the business in the first place, right?

But being really good at what you do will only take you so far. The entrepreneurial journey isn’t an easy one, requiring lots of time, energy, effort, and hard work. And then there’s the sacrifice.

And with all of this, success isn’t guaranteed.  In fact, the odds are against it. Did you know according to statistics compiled by StatisticBrain.com, 55% of businesses fail in 5 years and 71% within 10? So what do these businesses miss?

BEAT THE ODDS OF FAILURE BY DOING THIS ONE THING – GET HELP

According to StatisticBrain, 87% of business failures result from management’s inexperience or incompetence. Not knowing how to price products or services, making poor credit and cash management policies, and making poor inventory decisions cause most business failures.

While it’s understandable that most entrepreneurs may lack these general business management skills, it’s difficult to understand why so many won’t or don’t get help.

Be good at what you do, be good AT business too!

Aside from being really good at making a great product or providing a great service, to be successful, business owners have to be good AT the basics of business. In business, if you get the basics right, you’ll be in good shape for the long haul.

Things like creating and organizing sales funnels that promote growth; developing ordering and inventory infrastructure to assure growing demand is met; and setting-up bookkeeping, accounting and information systems that measure and track performance. Things like creating and implementing effective plans and procedures; setting adequate prices; and securing capital.

So, how exactly can you get your business started the right way?

You can get the help you need to do well and significantly increase your odds of success right now.

Why Businesses Fail

According to StatisticBrain.com, incompetence (emotional pricing, poor cash management, nonpayment of taxes, and no knowledge of pricing), lack of managerial experience (poor credit granting practices, expanding too quickly, and inadequate borrowing practices), and lack of experience in line of goods or services (poor inventory decisions, no knowledge of suppliers, and wasted advertising budget) account for 87% of business failure [see graph on right].

In other words, most causes of business failure are easily eliminated simply by getting help.