RUSKIN, FL / ACCESSWIRE / September 9, 2021 / The business world is competitive. 20% of businesses don't make it through their first year. By the end of year five, 50% of businesses have called it quits. The good news is you can beat the odds with the right knowledge. Anthony Cavaluzzi is the CEO of Profit Management Solutions LLC. He explains business killers you should avoid.
It's an issue for most businesses during the first year. Money is tight. It's essential to begin your business with enough cash flow to keep it afloat.
It's important to have a full picture of your costs and the amount of your product or service you'll need to sell to break even.
If you need to bring in more revenue, identify potential income sources ahead of time. Anthony Cavaluzzi says waiting until you really need the revenue is setting yourself up for failure.
Checking out your competition is part of a good business management strategy. There's a lot to be learned from others in the industry. However, be careful not to emulate your competition. Maintaining your own unique image and vision is one of the keys to a successful business.
Attempting to Do too Much
You may see many worthwhile opportunities to expand your business, and attempt to go after all of them. You may try to take on a large workload yourself to avoid having to pay another employee.
According to Anthony Cavaluzzi, either of these strategies can easily lead to failure or burnout. You can do a few things well, or you can do many things mediocrely. Focus on one new business opportunity at a time, and evaluate it carefully before deciding to move forward. Don't hesitate to hire an employee or outsource if your workload is becoming overwhelming.
Business owners tend to want to be in control of all aspects of the business. Anthony Cavaluzzi states that it's important to know when to delegate.
The fact is that you can't do it all yourself, especially as your business grows. Delegate to people you trust, and let them do their job.
Hiring the Wrong People
Hiring the wrong people is another common business mistake, particularly for small businesses. It's easy to hire people you know well or like. However, if they don't have the skills needed for the position, they are not right for the job.
Anthony Cavaluzzi is acting CEO of Profit Management Solutions LLC. He graduated from Elmira College with a B.S. in Business. He earned an MBA in Business and another in Corporate Finance from Syracuse University. He served as an officer in the U.S. Marine Corps.
Profit Management Solutions LLC
SOURCE: Profit Management Solutions LLC