Small businesses very often have it tough. In fact a majority of small businesses fold up within the first few years of operations itself. Of even those that do survive the initial stages, only a few of them thrive, sustain for long or develop into large, robust businesses. A vast majority of small businesses that continue, carry on for ages on a hand to mouth existence, barely surviving. Here are a few tips to consider at all times, particularly during tough times:
1. Focus on cash flows: Many small businesses have perennial cash flow problems. This can be stressful, destructive to the business and can be a vicious cycle stunting growth and development. Hence it is important for a small business owner to keep good control over cash flow and focus heavily on a good cash flow.
2. Stick to the knitting: Focussing on ones core competence and getting expertise and acknowledged reputation in ones core competence will stand by one during tough times.
Avoid these common small business mistakes