Business challenges require you to pay close attention to SUCCESSFUL SMALL BUSINESS IDEAS.

While small businesses are an integral part of the US and international economy ((making up over 45% of U.S. payroll – U.S. Dept of Commerce, 2002), the failure rate is alarming.   A Business Week article recently highlighted statistics from the National Federation of Independent businesses which stated that after 5 years only 50% of start up small businesses are operable.  In Canada there is a 23% failure rate in the first year and 22% in the second year.

How do achieve small business success and avoid failure?

Preparing and including your successful small business ideas in a comprehensive small business plan is essential.  You should make sure the small business plan software you use includes samples of other company plans and easy templates and instructions for you to use

While there is a standard and comprehensive format for most plans it would be helpful to make sure and address the concerns highlighted by the Arthur Anderson consulting firm in a study of small businesses done in 2004.   They found that a majority of small business owners (61%) consider finding and retaining qualified workers as the most significant challenge to the growth and survival of their business.Other important concerns voiced by business owners were: economic uncertainty; keeping up with technology, and access to adequate capital. 

What are the characteristics of the successful business owners?

Most business advisors find that a willingness to learn, to know your limitations and ask for help, are very significant factors contributing to business profitability and success.  A well known Harvard business school professor Peter Senge highlights this quality in people and the organizations they run.  His best selling book is - "The Fifth Discipline – The Art and Practice of the Learning Organization".

Peer Group Help

One of the wonderful opportunities to learn from others and ask questions is to have access to a peer support group.  Speaking candidly with other noncompetitive business owners can often help you avoid making the same mistakes they did.  There is a group called SCORE, which you can join.  Among other services, the Visage members meet month to confidentially discuss business challenges and provide advice and insights to each other.   For more information about their services visit, SCORE.

Government Resources

The SBA, despite budget cuts, continues to offer a variety of affordable programs and resources, ranging from free one-on-one counseling from a veteran business owner to organizing trade missions abroad.

The SBA operates an extensive network of Business Information Centers, Small Business Development Centers, Export Assistance Centers, Women's Business Development Centers and more.  You can find them easily in your local Yellow Pages.  They can help you with bidding on government contracts, applying for SBA-guaranteed loans, ways to export your products or to seek investment capital.

Small Business Online Solutions

Sometimes it is easier and quicker to access help from your computer.  You can take advantage of such help at the site www.successful-small-business.com.  

Some of what you will find at that site include: free advice; links to helpful sites & indexes; as well as recommendations about useful business management software, loan applications, health insurance and small business sales and marketing strategies.

Morris Mann