However, there is still reason to be somewhat optimistic about the future of some micro and small businesses. But this grandeur future won’t come without the work. For the businesses sitting around and waiting for the “normalcy” to return, you may have quite a long wait and your business may suffer while you wait.
In the grand scheme of things, businesses have to literally now “mind their own business!” Your survival depends on what you do now AND what you don’t do.
Here are some key things that can contribute to your survival and success:
]]>No doubt, the idea of ceasing your business will be a tough and difficult one to process, but you would need to put emotions aside and close your business the right way, so as to avoid you further distress and setback.
]]>Though some MSMEs may be seeing the end of their venture, we must send some comfort their way – some doors close so that others may open. For some, this usually means the start of something new.
When the time comes to move on, Entrepreneurs ought to have an exit strategy, as properly...and gracefully closing things off legally and financially will improve your chances of transitioning smoothly into another venture. So how do Entrepreneurs know when it is time to shut the door and move on? It is indeed a difficult realization that most must come to. The end may also be inevitable, and it is just a matter of when. Here then, we find Entrepreneurs holding on with every last bit of hope, cash, and pride, as they slowly come to terms with what has to be done. We do not always have the ability to foresee the end or detect the time at which we need to move on.
Even successful Entrepreneurs can be faced with the decision to fold for one reason or the other. It must be noted that a failed business does not define an Entrepreneur. In this fast-paced, ever-changing, global digital era, adapting, pivoting, transitioning, and even evolving, can mean shutting a present business down to start a new project, perhaps using a different model, different tools, different principles, and different objectives so as to now cater to the changing shift in buyer decisions and consumer demands. Consequently, it is imperative that businesses are able to monitor and identify the signs that will indicate when the time has finally come, to shut the doors on a teetering venture.
]]>It is no wonder then, that startup failure rates are high - 9 out of every 10 startups fail
Of course, startup failure is not planned by an Entrepreneur. People who venture into the startup world usually know what they want to do, and at most, they have a plan, that if followed, they will have eventual success. These startup Entrepreneurs have done their research and have come to the realization that their product or service will indeed solve real needs in the market. And so, they set out on their entrepreneurial journey.
But success as an Entrepreneur depends largely on Money Management. Talks about money remain somewhat taboo, and startup Entrepreneurs’ attitude to financial management is paramount to their success in business. As a result, cash flow should be every founder’s key focus in the early years of the business and beyond.
]]>What this means is that we always test the market for each program we're about to put out. When you sign up to be a Timely Beta-Tester (TBT), you basically get our courses and programs at no cost AND you are privy to first-hand information that the rest of our audience will receive after you have done the trial. There is no limit as to the number of programs or courses that you can be a Timely Beta-Tester for.
There are a lot of ACTION steps that go into starting and managing a business. Our Beta-Tester program allows you to become trained with us while you partner with us to help improve the delivery of such programs.
]]>When clients come to us with their interest to start a business, we make sure they understand what they are getting into financially, and that they understand the words ‘cash-flow’. Too many persons only pay attention to the frills of owning a business without taking into consideration, the in-depth details required to make a business survive and thrive. There are a lot of persons who start a business, and not enough Entrepreneurs who are able to seek out opportunities to create a sustainable, viable business, keep learning, keep creating, and keep innovating. If you’re going to build a business, why not build one to last? Why not build one your children or a future investor or buyer can take over?
So where are we going with this? Listen, if you want to start a business, you have got to keep your head in the game from the moment the idea comes to you, and not get carried away by the ‘shiny object syndrome.
So let’s talk Money! No, better yet, Capital! Where is it going to come from? This is your first business. Are you going to rely on the banks to just drop some money into your idea after you present them with a Business Plan? A Business Plan you paid someone else to do and you can’t even explain? To be quite honest with you, without a trading record, getting startup finance from a bank is going to be difficult no matter how good your idea seems.
]]>Individuals and businesses whose sales forecast is TT$500,000 or more within any 12-month period, MUST also register.
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