There is an extremely high failure rate of entrepreneurs in Canada 17 bookkeeping. Industry Canada to study and found that 15% of all business owners failed in their first year of business ownership. 30% failed by their second year, and by the time the year 5 has arrived, half of all entrepreneurs are no longer in business. In order to help business owners succeed, industry Canada asked these failed businesses why they failed. 23% said that they were not able to find or keep the right staff. 29% said that they simply ran out of money in their business and that was why they did not succeed. And the number one reason why businesses failed is because they weren’t able to find customers to buy their product or service, affecting 42% of all failed entrepreneurs. To help business owners succeed, they needs to overcome those obstacles.
One myth that many entrepreneurs believe is that since they have a business degree, they are going to be able to be successful in business. Edmonton bookkeeping says this is not true, because having a business degree does not prepare people for business ownership. But it does prepare people for is working in a corporation. However, being an employee in a corporation is very different than being a small business owner. They don’t teach people in business school how to do their taxes, how to hire or keep employees, they don’t teach them labour laws, or how many hours that successful business owners are going to have to work. Therefore, business owners with business degrees need to understand that there’s still a lot for them to learn.
Business owners needs to also understand that being a specialist in their field does not make them more qualified to be a successful business owner. The reason why it says Edmonton bookkeeping is because being very good at their job does not mean they know how to run that business. Business owners might be a master electrician, or a plumber, or make extremely good cakes. But that doesn’t mean they know when to file their taxes, how to remit Source deductions, or when their GST payments are due. Business owners needs to understand that being very good in their field means that they are going to succeed at finding customers, but there’s still a lot more to learn.
It’s very important that business owners learn what they needs to do themselves, and what is advantageous for somebody else to do for them. Since business owners will have very little time but even less money, knowing how to do this very succinctly is going to be extremely important says Evanton bookkeeping.
When business owners understand that they need to learn new things as a business owner, and the ability to learn those things quickly enough is going to be what helps them be successful in business. The earlier business owners can figure this out, the better chance they are going to have at overcoming the extremely high failure rate and learning how to be a successful entrepreneur. Edmonton bookkeeping says the sooner business owners can do this, the better.
Edmonton Bookkeeping | Success Means Knowing What Tasks Must Be Done
If business owners try to do everything themselves, they put their business at risk says Evanton bookkeeping. The reason why, is because business owners have very limited time, and if they try to do everything themselves, they won’t have the time to do everything that they’re trying to do well. It’s much more effective for business owners to take care of the most important things, and What needs to get done well, that doesn’t need to be done by them can be handed off to experts in that field.
In order to help business owners understand what they needs to be working on themselves, and what needs to be handed off to a professional, business owners should sit down and create an effective time locked schedule. What a Time block schedule is says Edmonton bookkeeping is a schedule where all of them entrepreneurs time has an activity scheduled for it, on a repeating basis. Whether it repeats every day, every week, or every month, business owners will know exactly what they are doing every hour of every day for the next year. This is incredibly important, because this is the only way that business owners are going to be able to verify that they have enough time in their business to accomplish all of their strategic priorities. Also, by creating a schedule where there is a time for everything important, business owners will be able to easily see what they do not have time to tackle themselves.
Some of the most important things for business owners to do themselves is develop their product and give Customer Service. Edmonton bookkeeping says business owners need to take care of this themselves, because other people are not going to do it to the high-level that a business owner needs. Since the business is most important to the entrepreneur themselves, they need to be the ones developing their products and ensuring that customers like the product or service. The happier customers are with the product or service, the more they are going to tell their friends and family, and allow a business owner to increase their revenue by selling more products or Services.
Another reason why it’s very important for business owners to have a Time block schedule, is so that they can value their Time. Edmonton bookkeeping says customers, suppliers and employees will be very good at wasting and entrepreneurs time if they don’t have any of finite idea of what they needs to be working on every hour of their day. Therefore, business owners can avoid wasting time, and get all of their strategic priorities done when they create a schedule.
A schedule will help a business owner understand what they have time for, and what activities a business owner can hand off to a professional so that they can focus on growing their business. The earlier a business owner can do this, the more they can grow their revenue and succeed in business.