Why so many small businesses fail within their first five years?


The sad truth is that half of the businesses in our community will not exist five years from now, and in 10 years only a third of them will actually be still in business. One of the greatest fears of a small business owner is, staying alive and staying in business.

I got a chance to discuss various topics related to the financial health of small businesses with my guest, Safie Russell, a CPA with a Masters in Taxation. Safie has an extensive background in finances with over 18 years, starting out with the Big Four working in public accounting, worked with business accounts of all different sizes, and is now serving the small business community through her own company. SDR Consulting Inc, helps small businesses from formation all the way through to tax preparation and all the stuff in between. In this discussion she provides insights to some questions that I posed on behalf of small businesses owners.

Why do you think so many small businesses fail within their first five years?


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Operations Impact on Customer Satisfaction


I want to talk about the recent survey that I did and the results, so that it can be used to educate small business owners. Especially those that are newly opened or looking to successfully launch, but also to build a sustainable business in this time when so many small businesses are failing or just trying to survive.

Let’s discuss the most important findings from the survey, when entrepreneurs and small business owners were asked the question… What's your #1  challenge right now, when it comes to Customer Satisfaction?

And the overwhelming response was…. Operations impact on Customer Satisfaction.

What you do in your business, the logistics of the day to day operations, the changes made, and the circumstance that you find yourself under, can result in an impact on customer satisfaction.

Depending on the type of business, your operations could be transparent to the customer. In the case of a product-based business, most people don't see what happens...

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Happy New (2nd Half) Year


This an oldie..but a goodie.

The message is so on point at this time of the year and especially in this season.

Take time to reflect as we end the first half of the year and be grateful that GOD has blessed us with life and the strength to enter into the 2nd half of the year.

Join me as I pause and reflect on so many things that have transpired over the past few months and take stock of progress towards the goals we set.




The Top 5 Killers to Customer Satisfaction(written by yours truly ) explores the link between Customer Satisfaction and the five areas that any business needs to develop a plan. Killer number 3, Returns an Rewards, details "The fact that a product had to be returned by the customer should be embraced as an opportunity to recapture the good graces of your customer." You can download a FREE copy here: Top5Killers . By downloading you are also granted a FREE...
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What you should be doing...If your business is NOT open


This is really an opportune time to take advantage of having EXTRA time and really sit down and do all the things that you never have time to do, whether it's enough of marketing, of training, of planning. This is the time that you want to take to do those things because, I'm telling you, coming out of this is going to be a different world. Customers are going to be more discerning. Many customers are going to ask "Where am I going to spend my hard-earned dollar?" Some of them may not even have an income, but they're still going to need to eat and they're going to be much more discerning, much more picky about who they patronize.

So if you're not open at this time, it's really important that you take advantage of the opportunity with no one around, employees not in the space, to really look at how you're doing business and, what's going to be your plan coming out of this? It can't be business as usual because the world is going to change, and we really have got to look at...

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How to protect a business from bad publicity 

You know what they say about publicity? The whole “All publicity is good publicity” notion? Well I beg to differ. There is bad publicity and if you are not careful, it can tear down a business you took years to establish. In this internet age, all it takes is for one unsatisfied customer to go online and rant about their displeasure with your business. Whether it is on Facebook, Yelp or any other social media platform, that post could pick up steam, go viral and before you know it, the entire web would be talking about it. Now, if you run a business, the last thing you need is having people associate your business with bad products or services. That is why it's important to address any form of bad publicity before it becomes widespread. In this article this, I will show you some effective ways of dealing with bad publicity. So let's get to it.

Build your brand reputation in advance
First off, it is important that you build the reputation of your brand in advance. Ensure...
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