Starting a business has never been easier, thanks in large part to new technologies that have lowered barriers to entry. Just because entrepreneurs can get started quickly and relatively inexpensively, however, doesn’t mean you can ignore the fundamentals of running a business.
When you find yourself with real customers, real revenue, and challenges you might not have anticipated, what comes next? We’ve created a new infographic designed to help startup and scale-up entrepreneurs identify and address some of the key challenges facing small businesses today.
What do your fellow entrepreneurs think about their prospects for success? You’re part of an optimistic group: 75% of you are confident in your business’ future, with 58% expecting increased gross sales or revenues in the coming year.
Yet, you have a clear view of your challenges, including hiring and keeping good employees (48% say it’s an impediment to growth) and securing financing (43% of entrepreneurs say they can’t get the financing needed to grow).
As the old business saying goes, “Revenue is vanity, profit is sanity, and cash flow is a reality.” There are many different variations on that adage, but they all point to the same question: Are you dedicating enough time to planning for adequate cash flow? Did you know that 80% of businesses that plan their cash flow monthly are still surviving after five years? Did you know that 60% of businesses that plan their cash flow only once a year fail within five years?
Check out the infographic below and chart your journey to business success. Let Sage be your guide!