Small business owners give advice to startups

According to a recently released poll conducted by Leger Marketing, new business owners might be too focused on issues that are outside of their control, such as the economy.

The poll also showed that many business owners agree that attracting clients is key to their company's success.

Contrary to the result of the poll, established business owners highlight cash flow management and financing as they best ways to get through the first years of small business marketing, which can be the most challenging.

"When they look back, some successful business owners realize that they would have benefited from advice about how to manage their money in the early years of their business," said Jon Hountalas, executive vice president of Business Banking of CIBC. "You can't be an expert in everything, but you can strengthen your business significantly by building a connection with a relationship manager who knows your business and can assist you with cash management advice or arrange the financing you need to move your business forward."

Statistics from established business owners show the three most challenging obstacles they faced when trying to get their business off the ground. Fifty-six percent of the respondents reported that attracting or retaining customers was the most challenging obstacle while 42 percent reported that it was fluctuations in cash flow and 40 percent said having access to adequate funding was an issue.

The poll also revealed that 19 percent of the established business owners surveyed said that a lack of expertise to draw on, including financial advice, was a difficult obstacle to overcome to be successful in the first few years of business.

Marketing experts suggest that businesses start a blog or website in order to attract more attention to their company, which could result in additional revenue and more customers.