The world of business has been undergoing a major transformation in the last decade. The digital economy has accelerated the transition, making it faster and more relentless than before. Businesses that fail to transform will fail. And the sooner they transform, the better. Especially if they operate in a...
Don’t you sometimes get scared by the idea of starting your own business? The idea of not knowing where your company will go, whether it’ll be profitable, or if it’s something you’re passionate about sounds terrifying. But the truth is, that the vast majority of businesses fail. It’s normal...
Starting a business can be an incredibly rewarding experience, but it’s also a lot of work. From figuring out how much inventory to order to processing all of your customers’ payments, the list of things you need to take care of as the owner of a small business can...
Small business owners may think that they need to focus on new clients to grow their business. This can be a mistake. Instead, you can achieve explosive growth by spending more time and energy on your high-performing clients, who also love you back (by continually giving you their business)....
Many solopreneurs are hesitant to prepare a business plan, thinking it is unnecessary. However, we here at Sum of All Numbers believe that creating a business plan is beneficial for everyone. The process of writing down your goals and intentions can provide clarity. As a solopreneur– an entrepreneur that...
In the book “Fix It Next”, Mike Michalowicz, the author of “Profit First”, “The Pumpkin Plan”, and “The Toilet Paper Entrepreneur,” introduces the concept of the Business Hierarchy of Needs. “What I did is over five years I studied the Maslow Harkov needs and slowly translated it into how...
Some business owners might not be aware of it, but one of the biggest problems among entrepreneurs is the lack of financial literacy. There are many business owners who earn money, but they don’t save it, or they simply waste it on luxuries or other unnecessary expenses. The worst part...
The number-one threat to your business isn't an external factor at all. It's the people you've co-founded that business with. The United States is home to many of the world’s most successful startups like Airbnb and Instagram, which is not surprising since it's the leading country by the number...
In business, knowing your own strengths gives you a better understanding of how you can increase your odds of success and how you best operate. This is especially critical in today’s cutthroat, highly competitive business landscape. Failure to adapt to the constant changes and consumer sentiment can spell disaster...
When you start a business, one of the first things you need to do is open a business bank account. It is very important that you have a separate account for your spending and savings and your business. This should be the way, even if you have a sole...
