Three Ways to Save Your Startup Business

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Is your start up business doomed to fail? According to Forbes, the answer is yes. At least eight out of 10 startups go under within the first 18 months of business, Forbes reports. There is a silver lining, however. Most critical business mistakes are preventable — and a little know-how may help you avoid the same, tragic fate. What do you need to know to keep your business going strong?

Make It A Group Effort

“Only having one founder is the most common reason startups die,” Business Insider explains. “Running a company alone is much harder and more stressful than it seems, and it’s especially unusual for a startup to succeed with just one person behind it.” Remember — in order to be successful — you will need a reliable and tight-knit upper management team. Don’t forget to enlist the help of good accountants. An accountant for small businesses can make an incredible difference — and help mediate in the event of tough financial decisions.

Value Your Employees

Accounting tips and tricks and/or accountants for small businesses are not the only things you’ll need. You’ll also need to carefully hire and retain employees. Retention is especially important early-on. (The screening, interviewing, and hiring process costs much more than holding onto dedicated employees!) Experts agree that taking the time to acknowledge employee accomplishments will boost job satisfaction and productivity. “Workers’ well-being depends, in large part, on managers’ ability and willingness to facilitate workers’ accomplishments — by removing obstacles, providing help, and acknowledging strong effort,” The New York Times reports.

Ask For Customers’ Feedback Again (And Again!)

Employees and basic accounting tips, however, will only get you so far. When it comes down to it, customers are the most vital part of your business. “Your customer holds the key to your success deep in their pain, behavior, dreams, values and the jobs they are trying to accomplish,” Forbes says. Remember to engage customers and encourage open and honest discussion each step along the way. Also make sure to swallow pride and carefully consider customer feedback.

Don’t let your business fail well before its time. Press on, with a strong team (including an accountant for small businesses!), dedicated employees, and open discussions with customers about products, services, and opportunities for improvement. Find more.

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