Small businesses are the backbone of the nation, yet they are the very entities that struggle to stay afloat in today’s economy. By why is this? Studies suggest that it has little to do with consumer buying habits and a lot to do with owners’ shortcomings.
If you own and operate a small business, you likely want to know what you can do to increase your likelihood of success. Below we identify the three most common problems small businesses face and offer tips on how to avoid them.
Mistake #1: Disorganization
Too many entrepreneurs just jump into business ownership without devising a strategy that will help them effectively manage everything from inventory to payroll to sales. This kind of disorganization can lead to numbers that remain unaccounted for, lost dollars and overspending.
The Fix: You can avoid the pitfalls of disorganization by implementing a POS system that offers a comprehensive suite of solutions. Clover Station allows you to track inventory, run reports, make payments, manage time sheets and more all from one interface.
Mistake #2: Lack of Planning
No matter how small your business is, you need a business plan. Without a sound business plan, you may fail to meet customer expectations, violate regulatory requirements, be unable to respond to competitive pressures and economic changes, or all of the above. You also risk leadership indifference, confusion among employees, short term thinking and lack of unity.
The Fix: Retain the help of a professional to devise a sound business plan. Don’t forget to account for a comprehensive POS and accounting system.
Mistake #3: Overexpansion
A lot of work is great, but too much work is detrimental. If you take on too much at once, you risk not having the funds to pay to complete said work, which can either put you in the red, hurt your reputation or both.
The Fix: Know how much you can reasonably afford to take on. Use a system such as Clover Station to track expenses and manage funds.
Merchant Account Solutions has the solutions you need to succeed in your first, fifth and fifteenth year of business. Call us today at 888-875-4808 or contact us online to get a free quote.