3 Ways to Keep Your Small Business Up and Running

The statistics for the success of small businesses are not encouraging. According to the U.S. Small Business Association, only two-thirds of new small businesses survive at least two years, and just 44 percent survive at least four years. The following are a few tips for not only helping your small business survive, but thrive in these difficult economic times:

  1. Commit yourself to the mindset of “failure is not an option”. If you aren’t 100% through and through committed to the success of your business, you are going to fail. It may not be failure in the conventional sense of the term, but you may make detrimental mistakes along the way or not reach your highest potential. Keeping an optimistic and forward thinking mindset is the first and most important way in which you can help your business stay on the right track. If you keep your mental state in the right place from the beginning, you’ll be prepared for the day when the bills begin to pile up and your customers start to dwindle. Keep your mind on the right track and you won’t be tempted to throw in the towel, but rather keep going day by day.
  2. The next thing to keep in mind is that sacrifice is going to be a big part of owning your own business. Recognize that a certain amount of personal (and financial) sacrifice is going to need to be made along the way in order to achieve your business dreams. Ask any entrepreneur what the biggest part of starting a business entails and they’ll most likely tell you that sacrifice is a big part of it. By realizing this early on, you’ll be prepared for the sacrifices that stand ahead of you and you’ll be able to face them head on and build a successful company in because of them. Success in business comes at a price.
  3. Maintain a very close eye on your inventory. Next to your employees, inventory is typically a small company’s biggest asset. The way you manage your inventory can make or break your business. Knowing the intimate details of your business’ day-to-day operations as far as selling to customers and purchasing from suppliers is essential to keeping your business in the black, rather than crashing in the red. Utilize an inventory management software to get a thorough report on a daily basis of your company’s inventory activity.