4 Smart Knowledge Sets Every Successful Entrepreneur Should Master

5 CPAs show small business owners how to prosper

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What does it take to start and run a small business successfully? “Many entrepreneurs fail, not because they have bad ideas, but because they don’t have the knowledge and skills it takes to convert their ideas into success,” says David Lucier, a certified public accountant who co-wrote the book, Six Steps to Small Business Success, Revised and Updated, with four other seasoned CPAs who combined have more than 100 years of experience.

The book provides practical advice, step-by-step guidance, and proven ideas for entrepreneurs ready to embark on the journey of starting and managing a successful business. Moreover, it outlines what it takes to make a business profitable. It also addresses how to plan for eventually selling the business and moving on, including how to transition to life after business.

Below is some of what it takes to make a business profitable:

Knowledge about pre-business planning. Entrepreneurs and owners need to know what type of business best fits their dream; the best business form (corporation, partnership … ); how to enlist great advisers; whether to buy a franchise, another business, or start from scratch; and how to create a well-thought-out business plan and strategic marketing plan.

Knowledge about finances, budgets, numbers: Entrepreneurs and owners need to know the types of financing available; how to understand financial statements; the business’s key operating statistics and how to compare them to industry standards; the current year’s tax liability; and whether the business has the right insurance coverage.

Knowledge about people: Entrepreneurs and owners need to know how to go about screening, interviewing, and hiring employees; whether employees are receiving a fair wage and competitive benefits; how to train new employees; what it takes to manage employees effectively; and how to safely terminate an employee.

Knowledge about work flow, customers, sales: Entrepreneurs and owners need to know how to make good decisions about products and customers; whether systems are in place to enable product/service consistency; how to manage customers, grant credit, and respond to customer service issues; how to create sales and marketing plans; how to adjust for market changes; and how to expand the business.

This book is ideal for small business 101 type entrepreneurs in that helps to avoid common mistakes. From pre-start-up through exit strategy, Six Steps To Small Business Success runs the gamut of a complete life cycle, including a reference full of desirable linkages.

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