Tips from TAP – Survival tips

Follow these tips to avoid some of the pitfalls that can lead to small business failure.

  1. Develop a good marketing and business plan that considers customer needs, competition, pricing and promotional strategies.
  2. Have a good working knowledge of business law or hire a lawyer.
  3. Understand your business finances, such as cash flow and handling credit.
  4. Supervise, train and motivate your employees.
  5. Make sure you have the experience, expertise and talent to run your business.
  6. Plan every part of your business from start to finish.
  7. Know your market and define how much of it you will be able to capture.
  8. Don’t under-estimate your expenses and over-estimate your revenue.
  9. Make sure you have some cash reserves or a line of credit to help you get through slow periods.

If you are a successful business owner, what survival tips could you give to someone just starting out? We’d love to hear them!

Download the printable PDF.