The goal is for you to achieve financial freedom

  Sometimes it can pay off in the long-run to play it safe rather than take risks in small business. Many talk about the importance of risk-taking in small business. But for all the successful entrepreneurs out there, there are just as many, if not more, who have taken too high of a risk only to fade away, never to be heard of again. There will be times when a small business must take leaps of faith. However, it is worth remembering that, at times, there’s value to being conservative. Here are some aspects small business owners should keep an eye on to ensure they grow a healthy and sustainable business: Marketing Many entrepreneurs mistakenly believe that simply marketing their products or services will guarantee success. However, successful marketing requires time, strategic thinking and a ton of experience to master. Therefore, small businesses should focus first on simple marketing practices that guarantee a more tangible return on investment. Cash It is a sad fact of business life

  Businesses looking to improve their profitability may need to consider cutting under-performing products and services. There are a few simple ways to decide which products should stay and which should go. 80/20 rule An often used marketing and business rule states that businesses should focus their attentions on the 20 per cent of products that generate 80 per cent of revenue.  Using this principle, companies should compile a shortlist of the products and services that bring in the most profit and scrutinise the products that fall short of this mark. Emotional attachment There will always be those few products that have emotional significance, however for the sake of profitability; businesses should emotionally detach themselves from their products and services. Trial run If it is still too difficult to make the right cut, businesses should consider doing a trial run. Going a week or month no longer promoting and marketing the least profitable products will help businesses imagine a