Market Research Identifies Problems Affecting Business

The National Federation of Independent Business (NFIB) says new research has identified the biggest problem businesses carry is cost. The survey results are based on 3,530 responses small business owner from a survey conducted this year. The day to day operational costs are also affected by federal taxes. Tax complexity is also identified as a major deterrent for nearly a quarter of businesses surveyed. And, while economic outcome remains uncertain, small business owners are working hard to increase sales and reduce expenses. Scott Shane on Kiplinger .com says there are certain common myths to be aware of to make the decision easier.

Myth 1. You need a lot of money to finance a new business. This may not be the case. Successful business owners who had to start their businesses without a lot cash had to borrow. They rent instead of buying.

Myth 2. Banking institutions don't lend money to start-ups. What are your chances of financing a small business? Federal Reserve data show banks account for 16 percent of all financing provided to companies 2 years old or younger. Although there may be better ways to get funding, banks are an avenue to consider.

Myth 3. Business success depends on the owner’s talent. While talent does have some bearing on business success, it is also necessary to consider the industry you choose, the market and location of your company.

Indications are that if you are involved in communications, telecommunications or technology your success will be greater than if you were to buy a small motel in outback Australia. Talent doesn’t have much bearing on the growth of a new business. Myth 4. Work Creates Stress The catch cry of most business owners or executives is, “I work more than 60 hours a week” or more to the point, they say with pride, “Success comes from hard work and lots of it”.

All rubbish! These words have been taken out of context.

I will share with you, what is in fact, the truth and what is egotistical baloney. It will enable you to view success in business from another perspective. You will be able to work within normal working hours and still be able to perform miracles in your business.

Sure, successful people do work long and hard and sometimes at the cost of family, social and personal relationships. This is their choice. I know many people who work for wages and who work more than 50 hours a week. Even single parents dedicate twice those hours to their very important role. Hard work being associated with success is a myth.

If successful business owners were to answer truthfully, most would list success factors as sense of timing, ability to recognise an opportunity, hard work and assistance from people they know and luck, of course!

Once the model is established, the business should be able to work without your input. Each business I started I chose to work the 15-hour days initially to set up the elements in the model.

Once they were set up, the job was done. Now I only work in the business for a few hours a week. You can work 20 hours a day for a short time then take a few weeks off if you like. Or you can spread the work over a longer period of time to give you free time on a daily basis.

Myth 5. Old Sales Techniques No Longer Work What about selling, has it changed and are there any myths to expose? The principles of how sales are made and how the sales process is done if based on human nature will never change. It is a fundamental process. The processes that are built onto the original idea will most likely continue to evolve.

I like to associate duplication when expressing any upgrading of cold calling or the sales process. Let me explain. There are many salespersons [Spers]who use cold calling as part of their sales strategy.

While they do this on a one on one basis they miss the opportunity of making more sales if they duplicated themselves through others. That’s why cold calling appears to be limited.

I believe cold calling can benefit Spers and improve Sper’s self-esteem. If cold calling is used in conjunction with duplication it can and will deliver confidence, money, motivation and self-esteem.

The real situation is this. Cold calling does have a place in the selling process even if it is to a smaller degree.)

Myth 6. Training Techniques No Longer Required This is the most neglected area in sales. It is not that companies don’t provide training but rather they don’t know how to teach properly. For example Spers are often inadequately trained in the art of persuasion.

If Spers cold call and fail, it could mean that they weren’t the right recruits for sales in the first place, that they haven’t been trained properly or that they didn’t apply the correct training.

For example, if a person wants your product, you wouldn’t keep talking about how good your company is. You would go to the close. The biggest problem in sales success is Spers don’t learn a lead generation system or develop closing skills. This is where a Sper needs to get as many prospects as they can. Both skills can be taught more quickly and more effectively if taught through cold calling.