Top 5 Tips for Preventing Business Failure

The weekly top 5 tips post is always full of helpful hints and advice for small, home and micro business owners.

1. It helps to be prepared, but over preparation can distract you from the important task of actually getting started and making money. Not everything needs to be perfect first.

2. Keeping your private life separated from work is always advisable. If you must employ family and friends, make sure that you remain professional at all times

3. It is tempting to go all out and buy the best of everything, even down to the furniture you put in the office. However, you should try to avoid any expenditure that is not essential because it will ultimately harm your bottom line.

4. The opposite of this is also true. You shouldn’t be so adverse to spending money that it leads to you cutting corners or buying poor equipment that makes it difficult to work efficiently.

5. As a small business, you should always attempt to underpromise and overdeliver. Customers will always be impressed by what you deliver, instead of being underwhelmed.

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