2021 just hit like 2020 and micro and small businesses are no doubt still having some problems either pivoting or adapting.

However, there is still reason to be somewhat optimistic about the future of some micro and small businesses. But this grandeur future won’t come without the work. For the businesses sitting around and waiting for the “normalcy” to return, you may have quite a long wait and your business may suffer while you wait.

In the grand scheme of things, businesses have to literally now “mind their own business!” Your survival depends on what you do now AND what you don’t do.

Here are some key things that can contribute to your survival and success:

This one is going to hurt your pride most, we know.

Though some MSMEs may be seeing the end of their venture, we must send some comfort their way – some doors close so that others may open. For some, this usually means the start of something new.

When the time comes to move on, Entrepreneurs ought to have an exit strategy, as properly...and gracefully closing things off legally and financially will improve your chances of transitioning smoothly into another venture. So how do Entrepreneurs know when it is time to shut the door and move on? It is indeed a difficult realization that most must come to. The end may also be inevitable, and it is just a matter of when. Here then, we find Entrepreneurs holding on with every last bit of hope, cash, and pride, as they slowly come to terms with what has to be done. We do not always have the ability to foresee the end or detect the time at which we need to move on.

Even successful Entrepreneurs can be faced with the decision to fold for one reason or the other. It must be noted that a failed business does not define an Entrepreneur. In this fast-paced, ever-changing, global digital era, adapting, pivoting, transitioning, and even evolving, can mean shutting a present business down to start a new project, perhaps using a different model, different tools, different principles, and different objectives so as to now cater to the changing shift in buyer decisions and consumer demands. Consequently, it is imperative that businesses are able to monitor and identify the signs that will indicate when the time has finally come, to shut the doors on a teetering venture.

A business’ cash flow is by far the most underrated area in most micro and small businesses.

It is no wonder then, that startup failure rates are high - 9 out of every 10 startups fail

Of course, startup failure is not planned by an Entrepreneur. People who venture into the startup world usually know what they want to do, and at most, they have a plan, that if followed, they will have eventual success. These startup Entrepreneurs have done their research and have come to the realization that their product or service will indeed solve real needs in the market. And so, they set out on their entrepreneurial journey.

But success as an Entrepreneur depends largely on Money Management. Talks about money remain somewhat taboo, and startup Entrepreneurs’ attitude to financial management is paramount to their success in business. As a result, cash flow should be every founder’s key focus in the early years of the business and beyond.

In our last article, Is it time to close my business, we mentioned that when the time comes to move on, Entrepreneurs ought to have an exit strategy, as properly...and gracefully closing things off legally and financially will improve your chances of transitioning smoothly into another venture.

No doubt, the idea of ceasing your business will be a tough and difficult one to process, but you would need to put emotions aside and close your business the right way, so as to avoid you further distress and setback.

We are always looking for Beta-Testers for our programs and short courses before we launch them publicly.

What this means is that we always test the market for each program we're about to put out. When you sign up to be a Timely Beta-Tester (TBT), you basically get our courses and programs at no cost AND you are privy to first-hand information that the rest of our audience will receive after you have done the trial. There is no limit as to the number of programs or courses that you can be a Timely Beta-Tester for.

There are a lot of ACTION steps that go into starting and managing a business. Our Beta-Tester program allows you to become trained with us while you partner with us to help improve the delivery of such programs.