How to Ensure that Your Small Business is Both Competitive and Financially Conscious
How to Ensure that Your Small Business is Both Competitive and Financially Conscious As a small business owner, it’s important to differentiate yourself from the competition, but doing so often comes at a hefty cost. According to the Small Business Administration, just below half of all small businesses survive for five years and just one in three stay afloat for over a decade. The importance of being financially conscious cannot be understated, yet it’s crucial to gain a competitive edge if you have any hope of growth. In fact, Forbes listed competition as one of the two main reasons that small businesses fail. Fortunately, it is possible to be both competitive and financially conversative through smart marketing decisions, careful money management and providing the best possible service. Put Profit First The Profit First system is an increasingly popular cash management method for small businesses. Typically, profit is calculated as income minus expenses. However, according to the