More Money, More Failure, Better Business
After speaking with over 10,000 small to medium sized business owners here is a great tip we discovered when you're thinking about starting a business.
In Canada, 98% of businesses are small sized and 88% of new employment opportunities are created from this sector, but year after year there are more failing then succeeding (Key Small Business Statistics - June 2016). The system is broken.
Here is something to think about before becoming another statistic.
You'll need more money then you expect
Daniel Kahneman noble laureate and author of bestselling book Thinking, Fast and Slow stated on the podcast Master's of Scale (hosted by LinkedIn co-founder Reid Hoffman) "most plans fail, they fail dramatically".
Masters Of Scale: The Money Episdoe - Reid Hoffman
This failure is caused by what Kahneman states as the Planning Fallacy, where most entrepreneurs underestimate what they really need when building a new business. Failure is inevitable and allows us to grow exponentially, but when you fail on a tight budget it may mean shutting down your company.
Benjamin Franklin once said "if you fail to plan, you are planning to fail!" From what we have discovered, even when you plan, you can still fail. But if you consider failing is something that may happen along the way then you will want some extra cash on hand to allow your small business to pivot and overcome some growing pains.
Benjamin Franklin Quote
Treos Global is a consulting company that has a mission of using the power of community, collaboration and technology, to increase the success of independent businesses. Our first goal is to share the knowledge that we have acquired through working within the small business community. Currently, we specialize in making sure businesses are paying "fair market" value for their payment processing (credit and interac payments in person, online or over the phone) and telecommunications.
We have found that businesses are paying over fair market value by 10-20% for payment processing and 30-40% for the telecommunications. We pride ourselves in our ability to act in the best interest of our clients.
Grow With Us
If you're interested in finding how much we can we can put back in your business.
CONTACT US: (416) 898-7583 OR EMAIL US BELOW