If you are thinking about opening a business or you are already in businesses, the following 5 C’s are the ones you need to focus on to be able to succeed.
• Customers
• Cash Flow
• Credit
• Credibility
• Capital
As we all know, any company would not be able to survive without customers. They are the heart of any business.
Without having a positive cash flow, your company will not be able to stay alive. It is crucial to bring in cash to the business for you to keep operating.
Having good credit will help your business and you in the future when obtaining loans, managing your cash and working with new vendors.
One of the disadvantages a small business can face is the lack of credibility the brand may have. Since you are still small and in some cases new, customers will not know much about you. Because of this, you have to work extra hard to develop brand awareness and loyalty; without it, it is hard to survive.
And lastly, having access to capital is important when you want to expand your facility, launch a new product or buy more inventory.
An article on investopedia.com explains how to you can make the most out of these 5 C’s and how to use them for your small business to succeed.
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