photo credit: F33
Most small businesses are able to have a personal relationship with customers. This is one advantage that huge corporations do not have. You need to focus on good quality products and services and aim on high customer satisfaction levels.
Today there are many people contemplating the idea of starting their very own small business. However, many of these people are questioning the fact that so many small businesses have a high failing rate. This is usually due to some mistakes that the owner has made and could have prevented. Below are some examples of common mistakes to avoid when having your own small business.
- No viable market. You have this great idea for a new product, but you never stopped to research if customers will be willing to pay for it.
- Poor capital cash flow. You can have the greatest business idea ever that will surely bring in tons of revenue, but without the proper capital to fund it, you are doomed to fail.
- Poor management. If you lack knowledge in finance, structure, inventory, employees, purchasing, selling, etc. your business will fail in the end.
- Out of touch with customers. Don’t be a big corporation. Have a personal relationship with your customers.