You can prevent the early failure of your small business by following these five points. Manage your time properly to ensure you are attending to all important aspects of your business. Speak with someone regularly whose advice you trust. Outsource activities that you cannot feasibly perform as well as if you let other professionals handle it. Focus on what you are good at and leave the rest to others. Don’t offer too broad of a service. Narrow in on what you can specifically provide well. Create time to think and relax.
Key Takeaways:
- As more people open small businesses it creates competition for the same number of customers. One suggestion is to focus on marketing instead of doing.
- Advice from a small business owner who has been successful can help to avoid common mistakes and save money.
- Owners should not try to do everything. The owner should do what he or she is most capable of and outsource everything else. Working more is not better than working more efficiently.
“With approximately 44 small-business owners closing their doors every day, the question now is whether a growth in small-business numbers means the potential for an increase in premature closures?”
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