Entrepreneur Highlights 6 Mistakes Small Businesses Should Avoid
Entrepreneur magazine contributor Thomas Helfrich has published an article highlighting six mistakes every small business must avoid.
He says, “There are several ways to generate revenue, including selling products or services, charging fees and generating advertising income. The funds generated allow for the paying of expenses such as rent, utilities and salaries. In addition, revenue can be used to reinvest in the business in the form of new equipment or the hiring of additional employees. It’s also important because it determines profitability: A business that does not generate enough will eventually go out of business.
1. Not determining objectives and goals
Small businesses can easily fall into the trap of not being clear about what their goal is, or will be. Without this, it’s difficult to formulate strategies that culminate in revenue.”
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