The biggest killer of small business is signing long term contracts that add to monthly fixed overheads.
So many business owners think that payment over time will get them to success faster. Trust me, in a slow month the one thing you really don't want is fixed monthly costs. Aim to pay cash for as many larger purchases as you can, even if that means buying second hand or waiting til you can afford it.
Hints and Tips:
- Keep your fixed monthly expenses to a minimum.
- Pay cash rather than lease.
Stop Running Ads that Don’t Work
If your ads aren't making you money then stop running them. You should only run ads that immediately make you money.
It is important to test and measure each ad to make sure that you're getting the maximum return possible. When you find one that works, keep using it.
Hints and Tips:
- Constantly test and measure.
- It doesn't matter whether you like it; if there isn't an immediate return on investment, dump it.
- Keep experimenting until one really works... then keep running it.
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