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E-Myth – “Why most small businesses don’t work & what to do about it”

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Vancouver CPA says there are far more statistics that show that brand-new small businesses fail more than there are small businesses that succeed consider Peter Krueger, the author who wrote 39 different business books, and his quote. “Nothing happens until someone sells something.”

The specifics and statistics are staggering. For example 42% of failed entrepreneurs say the reason why their business has failed is because there’s no market for the product or business. 29% of failed entrepreneurs say the reason why they lost their businesses because they run of the cash. And the third most popular reason why failed entrepreneurs failed in their business, with 20. 3% of the explanation, says they couldn’t find the right team to support them.

Likewise, consider that 50% of all businesses will fail within the first five years of opening.

What small businesses tend to have to do, says Vancouver CPA is just focus on the minimum viable product. What this means is what is the least amount of capital, along with the least amount of time where they can actually get to a point before it gets too late and they need to start selling to clients. People often ask about and reference market research. Market research however, is a little tough for new entrepreneurs. The quicker you can get to the minimum viable product the least amount of capital expenses you will ensue, and in the least amount of time and money will come out of your specific accounts. This will be less of a burden on you and put you in less jeopardy of losing her business.

When you first start a brand-new business, says Vancouver CPA, it is in fact just that, brand-new. Case in point what this means is you won’t know everything about the business yet, or in fact about yourself in reference to how you run a business. You need to understand all of the specific variables so that you can continually keep improving your product, your service, or quite frankly, yourself as a business owner and as an employer. Often some business owners will think about it entirely the wrong way we always must be improving ourselves our product every day the term “set it and forget it” is absolutely impossible to sustain in a small business market economy. You have to continually improve to make it relevant to the changing needs of the companies, customers, and the market fluctuations. Until you actually start selling the product you won’t know quite rightly what works and what won’t work for your clients. The next most important document is a contract, and a sales script. For presentations make sure that you understand the major points of your business, and how it can benefit your clients. Consider the fact that these are not client your clients yet and you need to be able to charm and make your service or your good something that they feel as though they can’t live without. This will come in your presentation.

In order to approach a customer with your service or your product, says Vancouver CPA, you must be able to recite certain specifics from your service or your business. A good idea would be to put on one single one-sided piece of paper all of the benefits of your business. You may have 10 benefits to your business. Put all of them on the piece of paper, however highlight two or three of them that is specific to how that will help your perspective prospective client. You may be able to reach people and ask to visit with them with a presentation by phone, networking events, direct message on social media, direct phone sales, or by referrals. This way of networking and marketing is if not cheap absolutely free. As you are just starting out you probably will not have any budget for marketing, so this will be the best way to engage with and get customers and buyers coming your way. As well, this isn’t limited to just one form or one type of business. You could be just about any business possible, and social media will still be there for you and your customers will be waiting period

Vancouver CPA says consider going after smaller clients as well and not quite yet attacked the big ones. Hold your skills with smaller clients as there is less to lose. If you happen to mess up on a presentation with a big conglomerate. You might never be able to get them back and that is definitely big money that is not going into your pocket and into your business. You may be able to do as many small business presentations as possible so that you will be able to get better at it and eventually you can talk to the big businesses.

Another reason we should go after small businesses because it might take you a year before you even go into their to make a presentation. You will have to jump through hoops or get through a lot of red tape in order to talk to the person that is responsible for getting you an audience with the sales department from a big call conglomerate. However, in a small business, you will likely gets talked to the P person that makes all of the sales decisions within one business day or two. Sometimes they’re the ones even answering the phone. It is better to get a little bit of cash flow into your business than waiting a year for the possibility that you’re going to make a lot of money. That will definitely come in time. As well, you definitely need the experience before you attempt to attack the big dollar companies. If you go in cold to big-money companies, obviously you known you have lost them and you’ve lost the chance.

Make sure, advises Vancouver CPA, that before you finish your connection with your prospect, to absolutely get an appointment. Even if it is just to talk or to shake hands, make sure the appointment can be solidified.