Roughly 80% of small businesses survive the first year in business, according to the Small Business Administration. This may be surprising as much of the rhetoric surrounding small business focuses on getting to the one-year mark, rather than past it. However, that percentage falls swiftly after the first year. Just under half of all small businesses make it to the five-year mark, and only one in three small companies last a decade. 

According to a recent article from Forbes, two of the most common reasons that small businesses fail are lack of funds and intense competition. Small businesses must be competitive, while remaining financially conservative – and there are many ways to do that without spending a dime. With a focused strategy and clever thinking, many businesses can ensure that they’ll celebrate their ten-year anniversary.

1. Amp Up Marketing

Marketing is a crucial part of making a small business be

Most business owners start their businesses with dreams of becoming financially independent, spending lots of free time on tropical islands, and being their own boss. However, unexpected business problems and fierce competition are challenges that must be overcome to make your dreams a reality. But how do you successfully dominate the competition and achieve the results necessary to live the life you’ve dreamed of?

Sure, you have a great team, and you work hard—but so does the competition. Yes, you have great ideas—wonderful, so do most of your competitors. To truly dominate the competition, you want to put distance between you and them, with you firmly in the lead. Here’s your three-step guide to do just that.

Step 1. Take Stock of Your Business

The first step to dominate the competition is to do an analysis of your business, your competition, your budget and potential opportunities.

Your Target Market

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As a business owner, there are few things more unsettling than a high churn rate. Growth represents one of the most important metrics when it comes to success in business. So losing customers at a high rate is never something you want your company to be known for. That’s why customer retention is such a vital strategy to employ.

While acquiring customers was traditionally the primary means by which businesses sought success, the tides have changed in recent years. Retention marketing becoming the go-to strategy in most industries. Seeking to retain customers, rather than exclusively acquire them, has been shown to be more affordable and more lucrative. And it’s generally a more effective means of building a solid customer base.

So how can you go about retaining customers and lowering your high churn rate? Take a look at a few strategies below to revamp your strategy when it comes to

Every business owner loves when the economy is thriving because they are more likely to perform better. As long as the business model is relatively healthy, the opportunity for success in every business is limitless. Unfortunately, downturns in the economy happen every so often and businesses must be prepared to weather the storm otherwise everything could be lost. Regardless of which industry you are in, every business is affected when an economic downturn occurs. Luckily, there are certain things every business owner can do to mitigate economic risks and keep the business open or even thriving during uncertain times.

1. Create Digital Products/Services

It’s no secret the digital economy is thriving and is going to do so for the foreseeable future. By moving products online, your business is much more likely to succeed because you aren’t limited to local customers. Take for an example a business that sells handcrafted wooden

The stringent measures implemented to contain the Coronavirus pandemic has affected many businesses. Startups are the worst hit because they lack the coping mechanism established businesses have. As the situation worsens, consumers are increasingly losing confidence, and sales are declining steadily. As an entrepreneur, your business can only survive if you strategically adapt to the new normal. If you are feeling the impact of the pandemic, here actions you can take to help your startup survive hard economic times.

1. Evaluate Your Marketing Strategy

During hard times, small businesses are prone to cut down marketing costs to reduce business expenses. But this is a wrong move. This is the time you need to market more and let your potential customers know that you are still open for business. So set a budget for marketing.

Consumers’ buying behaviors are changing, and your business must put this into consideration. Ensure you are

During the past decade, hospitality businesses have changed a lot. Many of the changes come from the number of startups and new opportunities that have sky-rocketed. Competition is strong, but there is still a lot of space for new and innovative ideas. There are several things to keep in mind that are necessary for hospitality business success.

Spending Capacity of the Target Audience

Before you start your business, think about the spending capacity of your ideal clientele. Ask yourself: will they be able to answer your offer, and how much they are prepared to pay for your services? This is a vital part of establishing a successful hospitality business. You need to match the standard imposed in the industry, and make sure the value you’re providing is worth the price you are setting.

Customer Experience

Another deciding factor of hospitality business success is how satisfying the experience will be for