(A follow-up to When Small Businesses Miss the Point of Forecasting.)
It’s no secret why 80% of small businesses fail within the first 18 months (according to SBA.gov). Most failed businesses are guilty of two cardinal sins.
1. Discounting experience
Some management teams think that success is driven by bringing a superior product or service to market followed by outworking the competition. If only business was that simple!
The first question I ask every new business owner – what’s your exit strategy? This question applies to all businesses, whether in financial services, consumer products, or another industry. If you don’t know where you’re going, how do you plan on getting there?
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