In fact, 82 percent of businesses that fail do so because of cash flow problems. You can’t hope to keep your business up and running if you don’t have any money coming in. Not to mention, customers don’t want to hand their personal information over to companies they cannot trust. For a small business, even a very small fraction of that to make up for lost customers and data recovery can be devastating. Be Irresponsible with Sensitive Dataīy 2021, it’s estimated that cyber crime will cost the world more than $6 trillion. Otherwise, your business could be pulled into a controversy. Not only do you need to make sure that they’re providing quality products and services at fair prices, but you should also make sure that their business practices are ethical and safe. The suppliers and vendors you do business with can make a major impact on your success. If not, you could be open to liability issues. At the very least, make sure they’re safe and able to live up to any claims you’ve made. But you should do at least some testing for your items before bringing them to market. It’s true that you might tweak products here and there through the years. But if you take advantage of customers in vulnerable positions or take part in practices like profiteering, people will notice. Some markups are necessary in order to run a profitable business. There may be new trends or initiatives out there that impact your operations. While it’s good to be focused, you still need to keep an eye on the landscape of your industry and your competition. Lots of business owners tend to keep blinders on and focus only on their own work. If you try to do everything for them or change their work, they’ll end up dissatisfied and you won’t even save any time in running your business. That’s why a good hiring process is so important. Once you have a team, you should be able to trust them to do their jobs. Do you have the extra money to pay a team? What will they provide for you that you can’t accomplish on your own? How will their contributions affect your bottom line? You should be able to answer these questions before bringing on new team members. However, if you’re going to hire or outsource, you need to make sure it’s going to actually help your business. Even if you don’t want to spend the money on hiring or outsourcing, you can often bring in a lot more if you do so intentionally. In fact, this concept can apply to plenty of other areas as well. But industry leaders believe that this tactic can spread small businesses too thin and harm the effectiveness of marketing efforts. About 43 percent of small businesses try to handle all of their marketing in-house, many just as one-person operations.
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