According to U.S. Small Business Administration, more than half of newly established businesses don’t make it to their fifth year.
Here are some common mistakes that tend to become huge problems in small businesses.
- Trying to Accomplish Everything. Growing your business means focusing on what you do best. Doing tasks that are beyond your skills can lead to your downfall.
- Lack of Marketing Plan. Remember that no product in this world can sell itself. You must come up with an effective marketing strategy in order to make your target customers aware of your business.
- Insufficient Understanding on Finance. Making sound decisions entails understanding the financial side of your business. You may be good at presenting ideas or concepts but you should know that understanding the numbers will help you succeed.
Visit cnbc.com for more tips on how to run your own small business.