The top 5 tips weekly post is always full of hints and tips for small, home & micro business owners.
1. Planning is a critical function for any small business. Know everything possible about your market before trying to enter it and remember to review your plan at regular intervals.
2. If you must rely on credit, try to negotiate with lenders for the longest possible terms. You should also make sure that customers on credit are restricted to very short terms so that you will get their money more quickly.
3. Don’t underestimate the importance of cash. Assets and stock will add to the overall worth of your business, but they are useless when it comes to paying the bills unless you are able to turn them into cash quickly.
4. Always look for opportunities to streamline your business and reduce the amount of time and money you spend on various tasks. Doing this will help you pass the savings onto customers and remain competitive.
5. Try to be realistic about your business at all times. If something in your business isn’t working, be honest with yourself about it and make a positive change before it is too late to do anything.
If you have additional tips, please share them in the comments section below.