7 money lessons from experienced entrepreneurs on better ways your small business can spend and save

When you’re running a small business with tight margins, every transaction counts. Inflation and labor shortages have made it an especially difficult year for businesses already struggling due to the aftermath of the pandemic. According to a 2022 Guidant Financial survey, 35% of small businesses reported not being profitable.When you’re running a small business with tight margins, every transaction counts.

On the same note, don’t underestimate the power of pitching your business idea. People who are interested in it might be willing to help. 4. Let data drive production Tanjarine Kitchen’s food truck sales are less predictable in nature than catering, so Okpo lets data from the business’s point-of-sale system do the talking.

Jamesha Lucas, co-founder of a former beauty supply store in Detroit called Bronzed N Glow Beauty Boutique, also switched POS systems at one point and emphasizes the importance of integrations — especially between e-commerce and in-store sales. 6. Don’t quit your day job right away “There’s this horrible mantra out there that’s like ‘quit your job and start a business,’” Lucas says. “Don’t do that.”

I guess that's gonna be difficult with the economic situation

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