Are You Set Up To Fail?

Newtown Square, PA, July 2012:  The failure rate in small business in this country is very high. At least 85%, and maybe as high as 98% of new small businesses fail before they hit the five-year mark, and many statisticians and accountants believe the reason for that failure is under-capitalization and poor fiscal management. Local business owner and CPA Stephen Venuti (http://newtownsquaretaxservice.com) offers some insight into how to beat the odds.

“I can point you to small businesses that have failed with enough money to do everything they needed to do ten times over. And some management consultants will tell you it’s poor management ability. I suggest to you that what it is in most cases is that the small business owner decided that once he or she was in business, they didn’t have to sell,” Venuti said. “...Many people believe that ‘we open the doors, and the customers come to us, and we don’t have to sell anyone.’”

As a business owner, you obviously have some method you use to promote what it is that you do or you wouldn’t even be in existence. But you may only have one method or two methods or three methods that you use. Diversity is the creative opposite of laziness.

“I humbly suggest that you need to think: ‘How can I use more methods to attract people to do business with me than any other competitor will use?,’” Venuti offers further. “This may be trying out media which you’ve never tried. Testing phone sales. Attracting different kinds of referral partners. Selling additional services to existing customers.... the more methods, the more business.”

Stephen J. Venuti, CPA provides accounting and tax services to clients with a major emphasis placed on helping our clients not only be in compliance with the Federal, State and local governments but on increasing wealth. He also helps individuals and families save money on taxes. Give him a call 610-353-0686, email sjvenuti.cpa86@yahoo.com or visit his website http://newtownsquaretaxservice.com 

Contact Information

Stephen Venuti

CPA, MST

Stephen J. Venuti, CPA MST

(1) (610) 353-0686

sjvenuti.cpa86@yahoo.com