Consultant’s Corner – October 2011
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There are some different opinions on the rate of failure of small businesses, but most analysts agree that greater than 90% of businesses fail in their first 5 years. I am always reading stories focused on how a new entrepreneur can join the elite 5-10% that doesn’t go under. However, just because your business doesn’t close down and can afford to keep the lights on after five years, doesn’t mean it is out of hot water yet. Once you have found a market and some paying customers, what can you do to increase your revenues and profits?
According to an article I read recently on entrepreneur.com, there are only few ways to exponentially increase the value of your company in a relatively short period of time.
- Win a government contract. The US government is the largest buyer of goods and services in the world. Requests for proposals require a lot of patience and up-front research and work. But once you win a contract, you are not subject to the level of competition you typically face in the outside markets. (more…)
