A business that's in a constant state of emergency is concerned with simply staying afloat. But if you don't learn to swim once you start seeing leaks, the next deluge may be the last. That's why ballast such as training, benefits, insurance and tax planning are as important as cash flow, customers and credit. Unfortunately for you entrepreneurs whose anchors are lost and rudders eaten by sharks, the No. 1 cause of business failure is poor planning. That's not much consolation for the owner who is already up a creek without a paddle, but let it be a warning to those just starting out.
Studies show that entrepreneurs often have big egos and limited business expertise.
They rely on their thorough knowledge of plant diseases, shed construction or whatever else, and underrate the importance of accounting, business plans, industry and market research. What's more, their big egos keep them from asking for help. Maybe it's time to swallow your pride. There, thanks to the U.S. Small Business Association, you'll find counseling, training, and management and technical assistance offered through partnerships with other federal, state, local and private organizations, as well as colleges and universities. There are a thousand SBDC service locations nationwide, where you'll generally find help for financial, marketing, production, organization, engineering, procurement and technical problems.