How Well Do You Know Your Business? Raising the Barr Weekly Memo: Issue 422

Did you know that:

• 73% of small startup owners are men. (Guidant Financial)
• 26% of entrepreneurs say their biggest motivation for starting their own business was the idea of being their own boss. (Guidant Financial)
• 67% of small business owners use personal funds to handle financial problems. (Federal Reserve Banks) 
• Only 9% of entrepreneurs have a bachelor’s degree in business. An even smaller percentage of owners (3%) went beyond that with either a master’s degree or a PhD in business. (TSheets)
• The biggest challenge for 33% of small business owners is the lack of capital. (GuidantFinancial)
• 60% of people who start small businesses are in the age range of 40-60. (Guidant Financial) 
• Only 40% of small businesses are profitable. (SmallBizTrends)
• 82% of business failures are due to poor cash management. (Talkroute)
• 47% of businesses emphasize marketing as their top growth strategy. (StartBlox)
• 80% make it through their first year. This percentage tends to gradually reduce as the years go by. Only 70% survive their second year, and by the tenth year, only about 30% remain in business. (Fundera)
• Only 64% of small businesses have their own website. (Clutch)

I am fascinated by research and statistics and the logical reasons and interpretations behind each finding. I find this information provides us with critical knowledge we can use to further increase our knowledge, create new content, and identify future market and growth opportunities.

My good friend, client and financial genius, Phil Symchych, founder of SME Business wealth Builder® identified several key metrics every business owner must ask themselves and know the answer to. Here are the first four questions of several others:

1. How much cash do you need to run your business each month?
2. Which products and services generate the highest revenues and profits for you?
3. Who are your most profitable clients and who are the least profitable?
4. Who are your most profitable suppliers and partners?

Ask yourself:

1. What are the statistics that you should pay attention to that provides you and your clients the greatest growth and profits opportunities?
2. What are the metrics in your own business that you must follow?
3. How well do you know the answers to these questions?

Sounds like we all have some work to do!  

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