1. Finding Time to Write a Business Plan
Business owners spend most of their time working in their business and not on their business. Although it’s important to ensure your customers are happy, it’s equally important for you to develop a business plan.
2. Developing an Elevator Pitch
In order to stay competitive, you need to develop your elevator pitch and be prepared to use it.
3. Attracting and Retaining Customers
Small businesses may find it more challenging to attract and retain customers because they generally don’t have large enough marketing budgets to compete with the advertising dollars that larger companies can spend.
4. Understanding Your Financials
A study recently conducted by Intuit Canada reports that 83% of Canadian small businesses face a serious financial literacy skills gap. However, starting your business on sound financial footing is essential to its long-term success.
5. Keeping an Eye on Cashflow
If you have cashflow challenges, your business is in poor health. If your cashflow issues persist, your business may not be able to recover.
6.Less Govt. Intervention
As the economy is mainly market driven; there is less Govt. intervention, red tapes, less control on import and export etc. The MSMEs would be allowed to work in a free environment.
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