If all it took was a good idea, more than 90% of small businesses wouldn't fail in the first five years.

The reality is that business success requires careful planning. Many entrepreneurs with great ideas have failed because the owners didn’t take into consideration the importance of marketing and didn't budget sufficient funds to meet their objectives. Since their goals are not met, the business ultimately fails.

What does this mean to the small business owner? "You need to be very specific about your objectives, and then you have to budget the funds to accomplish them," explains Michael Goodman.

It costs money to acquire and retain customers. The cost of getting a new customer or keeping one you already have can be a significant expense, especially to a new company.

"It's less expensive to acquire and keep a customer if you've positioned yourself well up front, and that costs money too," says Goodman.

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