Small business drives the U.S. economy, and as more businesses pop up across the country entrepreneurs are searching for solutions to keep their particular business alive and ahead of the pack. Professional business advisors host seminars and write books about full-proof “formulas” that will make companies succeed. The following are 4 formulas that business advisors prescribe to keep companies on top.
External Solution Formula
This formula is probably the easiest way to grow a profitable company. The formula works when a client or customer purchase enough products at the right price so the business runs smoothly. This type of business makes profits quickly. They are easy to spot, and function due to a contract with one large dominant customer. However, the relationship between the business and the client only lasts for a short time.
Early Entrant Formula
Some believe this formula represents the best entrepreneurial opportunity. These businesses hope to be the first entrants in a specific market. That way, they can have a dominant presence in the market before others try to compete. When it works, the early entrant formula makes entrepreneurs vast sums of money.
These businesses are just investments that investors spend money on to turn a profit. This formula will not work for most small businesses, as entrepreneurs want their companies to have long term potential. To make it work, you will need a lot of cash to invest.
The Secret Sauce Formula
This formula is for businesses that don’t fit into any particular category. There are some businesses out there that just work. In general, there is a strong leader with a cohesive strategy and smart decision making to drive success like: smart HR decisions, a great accounting system, creative problem solving, and so on.
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