How to prevent failure in small business: 7 tips

Small business open and close every day. What is the difference between success and failure? Here are seven tips to prevent a business breakdown, according to an Entrepreneur report.

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•    Understand your competition.
•    Know your product down to the last detail.
•    Never undervalue communication with your employees and customers.
•    Always take care of your employees.
•    Continually seek ways to improve.
•    Do not exceed your budget.
•    Take success one step at a time and avoid becoming greedy.

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