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Centennial, CO - August 17, 2009 - According to the Colorado Department of Labor and Employment, the Colorado unemployment rate is steady at 7.6 percent with the nation at its highest since 1983 at 9.5 percent. As layoffs continue to ensue throughout the state (and the nation) our economy continues to create the phenomenon called the “forced entrepreneur.”
The Small Business Administration (SBA) reports, however, that half of new businesses created will fail in the first five years. Some reasons for the failures, as cited by the Wharton School of Business from extensive research, are that uncontrolled costs, bad products or services offered, bad timing such as with our economy, weak marketing strategies, or superior competitor activities are to blame.
So what are businesses within their first 5 years to do to overcome the survival odds – especially within our current state of economy?
Well, Backroom Management Services has its own theories as to why businesses fail based on over 38 years of experience of owner Jeffrey Prager, who has turned three previous companies into multi-million dollar corporations. “Lack of financial education, support and not having the right accounting software are some of the major reasons companies struggle or fail,” says Prager, Founder of Backroom Management Services. “For this reason I founded Backroom Management Services. There wasn’t an accounting system out there that really captured the amount of data that a company needs to grow and survive. In the past, companies had to finagle reports to glean the information they needed to run a company,” continues Prager.
Backroom Accounting™ not only captures that data through our proprietary online accounting system but helps owners interpret the data and use it as a competitive weapon. Backroom also provides the support and education business owners need to build and implement an economically sustainable company
Prager goes on to explain that even in a down economy, a business with the necessary tools, resources and education can generate more cash flow, revenue, profit and long term growth.
Our message is that there is no reason why businesses should fail when given the proper techniques, know-how and systems for not just survival but achievement.
This is where the company’s Business Growth Dojo Series classes come in. Small businesses of all kinds have the opportunity to learn from experienced business professionals how to take their business to their first million dollar level and beyond.
For more information about Backroom Management Services or upcoming classes, visit www.BackroomManagement.com or call (303) 221-0823.
