8 Steps To Keeping Your Small Business Alive

Black Entrepreneur-TheConsciousTip

We live in an day and age where starting your own business is a lot more realistic and desirable. However, running a business can sometimes be stressful and tough to manage. We found a list of 8 Steps To Keeping Your Small Business Alive. Even if you feel as though you’ve already messed up…it’s never too late to fix things. I posted a few of my favorites below, but feel free to click the link below to continue reading:

Maintain a solid debt-to-equity ratio. This is a measure of a company’s financial leverage. Boyland recommends a 1:1 ratio. “If you’ve got a dollar in cash of your own then only go borrow a dollar in cash. Never let your debt, exceed your equity.”

Don’t just be an owner – take ownership. Don’t let the failure and success of your company be dependent on other people. “Those things, as an owner and operator of a business, should be 100 percent solely dependent on you,” advises Boyland. “You can always change the players but you cannot change your goals and operations, and controls, and the things you want to accomplish.”

Really understand how your business works. “It’s very critical for the owner/operator of a business to be an expert in the knowledge of that business and how to operate that business. You have to be educated on a business and not get into a business as a hobby,” he recommends. “Learn, understand, the business so that the people work for you know that you understand everything that they do. You need to understand what every person within your organization does – not necessarily how they do it, but what it is they do.”

Black Enterprise

 

Orie

Orie is the assistant editor, brand manager and co-founder of TheConsciousTip.com.

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