For those of you who have ever decided to start running your own business, you don’t need to be told that it takes a lot of hard work. But running a business successfully often takes much more than a good business idea and hard work..
While there are many reasons why small businesses fail, those reasons can usually be put into one of 4 categories:
1. The business owners are lacking in basic business and financial management skills, especially when they do not have a payroll software
2. Businesses are being caught with little to no preparation for emergency expenses or even normal cash shortfalls
3. Business owners are being too slow to adapt to consumer activity online, including social media and mobile based platforms
4. Small businesses are not banding together with other businesses and professionals
If you are running a small business, whether online or off, keeping your business out of these categories can make all the difference between success and failure.
After seeing such a positive response from readers of The Frugal Entrepreneur, I’ve decided to start a new site, Growing Your Business, specifically dedicated to small business growth and development. The site will feature posts designed to help you avoid the typical pitfalls of running a business and offer resources, such as The Hiring Guide, a collection of free and low cost online business courses, as well as a collection of business financing resources and finally a collection of free templates for micro business owners.