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5 Common Business Misconceptions

Thinking of kick starting a new business?

Before you delve deep in the business startup process,
ensure that you are safe from any business misconceptions that might hinder
your growth in the long run.

We have rounded up some of the most common business
misconceptions amongst new entrepreneurs. Take a look!

Financial Reports Aren’t For You

If you think that reviewing financial
reports
and statements isn’t part of your job, think again!

While outsourcing an accountant can help you keep a track of
your finances and books, it’s crucial that you know how to understand these
reports.

Knowing what balance sheets, cash flow statements, and
income statements mean will help you understand your business’s financial
health. Moreover, this knowledge will come in handy while making informed
decisions regarding the business.

Your Product Should Be Your Priority

While a groundbreaking innovation might propel you to start
a business, it might not have the right niche or market as you might think.

Millions of entrepreneurs have come up with innovative
ideas, only to see their business plans fail due to a lack of a thriving
market. Try to assess the market, invest in Research and Development, and study
demographics to better understand your audience.

Shifting your focus from your product toward the niche or
target audience will ensure that your business takes off in no time.

Business Plans Are a One Time Consideration

You might think that a business plan
might come in handy ONLY when you’re laying its foundations. However, business
plans are crucial to every step of the expansion process.

man reviewing business marketing strategy

Creating new financial and operational goals, setting time-frames, and devising strategies to achieve those goals will ensure that you’re ready to expand as a business. Whether you’re introducing a new product/service, expanding your operations, or merging with an industry leading corporation, an extensive business plan will act as a road map for your business.

You Can Run a One Man Show

EBay, Amazon, Urban Dictionary, and Todoist all have one thing in common – these were all one person startups at one point.

While this might tempt you to continue running your ‘one man show’, we recommend otherwise!

To take your business to the next level, you must invest by hiring different teams for your firm. You’ll likely need to work with sales, marketing, and finance teams to generate new leads and revenue.

Moreover, an accounting team can help review your financial statements, prepare taxes, and manage your books.

Hard Work Will Pay off Every Single Time

Sure, hard work and determination will take you places; however, the right opportunity is what will take things to the next level.

While hard work, dedication, and motivation will help you kick start your business, a golden opportunity is just what you need. By lowering risks, getting the right investments, and limiting operational costs, business owners can create the right opportunities to expand their business and operations.

Create Opportunities with a Sales and Marketing Coach

With Master Coach Stan, anyone can help you create seven-figure business revenue in the shortest time possible. Stan is a sales and marketing coach who has decades of experience, thousands of clients, and the world’s first E-Learning marketing system to his credit.

Get in touch with us to learn more about our small business marketing consultancy today!

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