The first five years of opening and starting a business are the most precarious, and 77-80% of businesses fail within that time. No one starts a business with the intention of closing in just a few years; no one invests countless hours in a business that may not fully fleshed out and headed for success.
Planning ahead is imperative but recognizing and handling both fledgling and burgeoning problems is the best way to take initial success and keep it growing into a healthy business. In the following article by Ankush Majahan for Entrepreneur.com, you’ll learn five expert tactics to avoid trouble during the early years of a business.
Your client satisfaction is always going to be your number one priority, but without having a) proper investment in your business, b) skilled employees that take pride in their labor, c) marketing to existing customers as well as new customers, and d) satisfactory ROI, your business will not flourish. Having a solid business plan that outlines all these and other important aspects of your new business is a great way to begin, and then learning how to edit and mold that plan to fit changes in the market and shifting moods is how to keep your business from floundering in a sea of changes.
Take a look at the 5 tactics followed by successful businesses for achieving long term growth.
Beth Bowling is the Community Manager at Aepiphanni, the trusted advisor for business leaders who are seeking forward-thinking solutions to help them plan for and navigate through the challenges of business growth. She periodically writes about effective management of small and medium businesses.
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