In the age of startups, still the small business tends to experience a high failure rate among entrepreneurs in the United States. Apparently, almost 50% of small businesses will fail within their first year of operation.
What leads business owners to close shop? Whether your business lives in the physical or digital world, it must withstand tough competition. For example, digital startups are popping up at an alarming rate. Small agencies find ground through the rise of social media, SEO, and content marketing.
Adapting to a New Age of Marketing
The new shift in marketing relies more on a company’s online presence rather than word-of-mouth referral. Still the best recommendation comes from a past customer, but the way potential customers access such reviews or recommendations is through Google +, Google Places, Yelp, and other credible review sites.
The lack of online marketing highlights one area small business owners fail to capitalize on. This detracts from their immediate success.
Overstaffing your business, mismanagement of the budget, and inflated spending kills small business owners looking to survive that first year. Despite such problems, small business owners show resiliency and faith in their ventures.
Instead of trying to tackle too much at once, start small in 2014 by focusing on simplifying the budget. Ignore the need for an office manager or accountant, and take this responsibility for yourself.
Forget Local Storage with the Cloud
Cloud computing and storage grows in popularity for businesses of all sizes. The time to rely on local storage passed. There’s no need to create an infrastructure for local storage and pay someone to manage and protect it.