According to a recent survey, only half of start-up businesses survive in their initial five years. How do you make your small business survive the challenges of the fierce competition? The key is to determine the problems and face them as they arise. Solve them quickly before they become threat for the growth of your business.
- 1. Writing a business plan
Sometimes, business owners tend to get overwhelmed by the task of making customers satisfied that they overlook creating a plan on how the business will operate. A business plan is essential to keep you on track towards success. It involves your business objectives and visions as well as the expected profits and expenses of the company. Through this, you won’t waste money on things your business does not need. Take time to plan your business.
- 2. Having the edge
Small businesses tend to exist without knowing its edge against the competitors. This edge is your promise to customers and they will start to experience it once they engage to your business. This is your strong advantage in the business game.
- 3. Drawing more customers and keeping them
Small businesses find it difficult to draw customers as there are giant brands offering the same services or products. They cannot compete with the marketing campaigns of established businesses.
If you are in a tight budget, you need the help of the World Wide Web for some effective and affordable marketing strategies.
Many entrepreneurs saw the potential of Internet in attracting both local and global audience, so they integrate it properly to fully experience the benefits. Also you should start separating your business to others. Be unique and make your business stand out from the rest.
- 4. Financial reports
Many small businesses struggle to keep up with the finances. Reviewing and analysing your figures every week can help you determine how much is going in and how much is going out. An excellent finance system is a strong foundation for your enterprise. Drawing valuable information from the numbers will make your business move forward. Hire a reliable accountant or bookkeeper to update your books every day.
- 5. Managing cashflow
Monitoring your cashflow is vital to keep your money in check so you won’t be overspending on your operations. The status of your cashflow will determine the health and future of your enterprise.
Problems are normal to any business. What matters most is how you overcome each of them and how they proficiently changed your business. Remember problems are blessings in disguise entrepreneurs should learn to accept.