The document discusses key insights from a meeting led by Michael Miller and Nicole Roach, focusing on the reasons for small business failure and strategies for success. It highlights the importance of having a solid business plan, effective marketing, customer service, and understanding the market landscape. Statistics indicate high failure rates for new businesses, emphasizing the need for careful planning and execution.

1. Key Speaker
Michael Miller
Director of Business Development
BizCentral USA
Administrator
Nicole Roach
Marketing Coordinator
HBIF Meeting 12-09
BizCentral USA

2. • Introduction to the top reasons small businesses
fail
• The current state of entrepreneurs & small
businesses
• Characteristics that can make or break any
entrepreneur
• The top 5 reasons for small business failure & how
to avoid those dire mistakes

3. This Year I’m
Going to….
Start a
Business

4. • Americans dream of
owning their own business
for variety of reasons:
 Pride of ownership
 Flexibility
 Tax breaks
 Prove people wrong
 Personal development
 Money

5. Only 44% New
1/3 of of New
50% of Businesses
go Businesses in
Businesses do
“Belly-up”
not MakeYear
the First upPast
Survive it to
theFour Years
Second Year

6. A Head for
Business Confidence
Goal Setter
Desire for
Responsibility Joe
Entrepreneur
Organization
Good Money Skills
Manager
Competitive Risk Taker
Nature

9. • Build a Solid Capital Structure
 Keep Strict Money Records
 Set Aside Seed Money
 Evaluate Want vs. Need

11. • Consider location in regard to:
 Customers
 Suppliers
 Employees
 Government regulations.
• The selected site SHOULD meet the business’
needs.

13. • Learn how to market cost-effectively and time-
effectively.
• Target your marketing efforts with intense research.
• Create a marketing plan with a budget.
• Excel at customer service – Word of Mouth is one of
the strongest marketing tools!
• Focus on the 4 P’s

15. • Keep your friends close, but your enemies closer!
 Know their promotions and special offers
 Know about updates they make to their website and new
communication methods they are using.
• Create your unique selling proposition and push it.
 Emphasize your USP in your promotions and marketing.
 It is your USP that will attract prospects to your business
rather than your competition.

17. YOU MUST HAVE A
BUSINESS PLAN!