As much as twenty percent of new businesses fail to survive beyond their first year of operation, USA Today observes. If you’re running a business and you’re new in the field, here are epic mistakes you’ll want to avoid to keep your business going strong well past the first year mark.
Insisting on a Cash-only payment policy
A lot of small business lose out on potential customers and revenue by sticking to a cash-only payment policy. Don’t let your company be one of them. Cater to more customers. Don’t turn away potential shoppers and clients by limiting your payment options. Work with a merchant firm and ask for credit card processing assistance.
Still working with a cash register
Upgrade your cash register to a mobile POS system. This will help you keep track of your sales and inventory. It can also help you monitor your employees and customers. It can bring together all the data you need to run your business. By streamlining your processes, you save time, money, and effort.
Not looking beyond banks
In the past, point-of-sale devices and services were offered by the banks. Payment providers, though, have made it possible to get the operational as well as economic efficiency you need with mobile, pocket-sized devices. That kind of flexibility and access make a mobile POS system a necessary addition to the lineup of must-have business tools.
Not doing any research
This doesn’t mean, though, that all merchant service providers are a good bet. Consider the nature of your service. Is the POS a good fit for your business model? Research and explore your options. Find out as much information as you can. When it’s time to pick a firm, you’ll find it easier to make an informed choice when you have all the data at hand.