Small businesses are not usually destroyed by poor economies, technological advances, or larger competitors. They are most often destroyed by horrible business judgment.
The basic horrors:
• Not showing up when promised
• Poor customer relationships
• Failure to plan (cash flow, inventory, part-time help, etc.)
• Poor pricing (usually too low or hourly)
• Family interference
Right now, in this boom economy, there are good times for nearly all. But small business owners tend to make the above mistakes, gain no loyalty or benefit of the doubt, and in tough times, when they need business from loyal customers, they aren’t there.
If you’re trying to advise SME owners, get it through their heads that there’s no time like the present to delight their customers. Otherwise, they won’t have much of a future.