The economy is slowly picking up, but let’s be honest, it’s still tough out there for a lot of small businesses.
If you’re feeling the pinch, you’re not alone. The good news? Staying afloat (and even growing) is possible with a few smart moves
First, know what sinks a business. Common culprits include:
- poor cash flow
- no clear idea about why customers should choose you
- weak marketing and sales
- ignoring what customers actually want
- trying to grow too fast.
Money matters.
Keep a close eye on your finances. Track what’s coming in and going out, watch your cash flow weekly. Cut unnecessary costs fast, and as your accountant will tell you – never borrow from the tax department. Pay all taxes on time.
Stick to your strengths.
Trying to do everything can stretch you too thin. Focus on what you do best.
Know your customers.
Ask for feedback and keep your request very short. Customers don’t have time for a long string of your questions. Watch what’s working and be ready to adjust. Happy customers are loyal ones.
Keep marketing
Even when you’re busy, don’t go quiet. Visibility brings leads, so stay top of mind with your potential and existing customers.
Stay flexible
Markets change, tech evolves. Be willing to adapt.
And finally
Ask for help. Talk to mentors, join a business group, or hire a pro for tricky areas.
