The first year or two of owning and operating a business are
often the most difficult. Jackalyn Rainosek, PHD knows that most entrepreneurs
will be tasked with working long hours to achieve the success they desire. To
ensure that your business survives this difficult period of its life, keep all
of the following in mind.
Always Understand Your Cash Flow
Your budget is going to be crucial at every stage of your
company’s life, and it is vitally important that you fully understand your
finances during the first few years. You need to know where every penny is
going when it comes to expenses, in addition to being able to predict how your
revenue streams will evolve over time. Never spend so much that you put
yourself in a losing position before you have managed to get your business off
the ground.
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Network
There is plenty of advice out there for business owners and not
all of it can be found online. By attending networking events you open yourself
up to the opportunity of meeting fellow business owners with whom you can
establish relationships with. Many will be able to offer you plenty of insight
into business in your local area, while others may offer you opportunities that
help you grow the business.
Always Deliver
Jackalyn Rainosek, PHD notes that reputation building is vital
to the first-time business person, so you should always aim to deliver on your
promises. Don’t make big claims that you struggle to follow through on just to
impress other business owners. Instead, understand your limitations and work
within them.
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