If only you had more money you could buy more inventory, buy more advertising, move to a better location, hire more staff and poof business would be better and your problems would all disappear!
Many business owners make the mistake of thinking that having greater access to capital will solve all of their business problems! While money can make things better, it will by no means fix what's broken. In reality most entrepreneurs would create greater financial difficulty if they had more money because they would still be missing the critical and essential ingredients for business success.
Key Ingredients for Business Success that Money Won't Change
- A Sustainable Business Model - what you are doing must be proven, viable, scalable. It has to work! Business has to be about more than your gut, your instinct and your faith. If it isn't sustainable it will never work.
- Experienced Principals & Managers - those at the forefront of your business must be experienced in the business. Experience is the best teacher and experience is a prerequisite to growth.
- Financial Fundamentals - being well versed in the financial aspect of business is a must. Cash Flow Statements, Income Statements, Balance Sheets, ROI - should be common terms to you or to whoever is handling your financials. You need to know how you are doing financially at all times!
More money will not change the need for the above! More money will require an even greater capacity to run a viable business. Running a viable business requires experienced individuals that understand both the business aspect and the financial aspect of building a business!
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