You might remember we talked to Business Insider last August about the three mistakes you need to avoid as a small business owner hoping to grow your business.
This month I took the theme up with Business Review Australia in an article ‘Why Small Businesses Don’t Make It: An Accountant’s Perspective“.
One of the big dangers I see is that new starters will often wing it with a cursory internet search to suffice as competitor analysis of marketing or pricing points without fully realising big companies can afford to run marketing campaigns such as loss—leaders, manage for years without profit or have other strategies to support their losses.
They also need to recognise that they really have to ‘sweat the small stuff’. It gets down to understanding literally how many cups of coffee you need to sell each day from your small coffee shop, to make a profit.
Shoot over and read my article “Why Small Businesses Don’t Make It:An Accountant’s Perspective“, I think you’ll find it helpful.
And I have suggested some actions you can take yourself without needing an accountant or business adviser to get you through.