Even though small businesses often have difficulty taking off their business, Miami has been facing a lot of issues with new and small businesses shutting down because they are not able to keep afloat. Glen Wakeman, one of the leading business professionals in the country, shares some insight into the situation and what small business owners can do not just to stay afloat but also be successful in their respective industries. Glen Wakeman has been with GE Capital for over two decades, and during this time he has earned knowledge of how a business should operate to be successful.
Glen Wakeman feels that most businesses that shut down are the ones that did not have proper planning. They did not analyze their market or did not secure enough funds to sustain and give time for the business to grow. It takes time for a business to capture the market share and during this time, the company needs to make efforts to meet the needs of its client continuously. Many companies have excellent products and services to offer but were not able to convey its benefits to its customers effectively. It is essential that the company is able to change the perception of the customers and motivate the customers to try their products or services.
Glen Wakeman is also of the opinion that new business owners should not be afraid to take the help of professionals in the field. Not everyone has knowledge of every aspect of the business, and they should outsource some work to the professionals as it allows them to focus on their core operations. The business owners should have their basics right and should go into it with complete planning. Glen Wakeman has offered entrepreneurial consultation to many entrepreneurs and feels that they should not try to start off quickly without having a solid plan in front of them. They need to confident that they can succeed and only then can it happen. Even though there will be obstacles, they need to be faced and conquered to be able to survive in the highly volatile market of today.