May 2, 2017
Small businesses often struggle to receive funds to start or maintain their business and therefore statistics show that most small businesses fail within the first five years. Here are some simple tips that will help a small business make great business decisions and survive in the process.
- Start small – Although small businesses start off with a lot of passion and momentum they can sometimes invest all their money too quickly. Instead of following this approach, look at growing steadily but slowly. Therefore, hold off on new office space and brand new equipment and look at how your business grows before investing.
- Happy employees – Happy employees are an asset as they will get people talking to understand and rectify grievances and create an environment that is customer oriented.
- Bank loans – Look at creative ways to keep your business running and try avoiding bank loans. Bank loans can eventually cost a lot more, and most small businesses will struggle with the extra interest. Instead, look at peer lending, crowd funding and other modes of funding.
Credit card payments – Before you accept credit card payments, analyze your customers and their payment habits. Some businesses will benefit from accepting credit cards, and others may not need it as most of their customers pay by cash or check. Not accepting credit cards will save the business money as charges for this service can be high.