Small business success tips
I just read a new statistic for the failure rates of new businesses. In a study from the U.S. Bureau of Labor Statistics, 44% of new businesses where still operating 4 years after opening.
How do you increase your odds of having a business that lasts? There's a couple of tips which include:
- Don't starve your businesses cash flow. Your bank balance may be up at times but it must also cover the lean times. Take out only what you need (especially during the initial years).
- Promote your business agressively and in multiple ways.
- Practice superior customer service and let your customers know how much you appreciate their patronage.
- Make a plan (financial and strategic). So many people think you can operate a business by the seat of your pants. Take a page from big business and plan on success.
- Find complementary businesses to align yourself with. The more you can create a one stop shop for meeting a customer's needs the better.
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more. We offer a free initial visit and look forward to serving your business needs.
Richard J. Garcia | 12/20/2011