Small business always needs more frequent update and assessment on how you are doing. The process helps you to establish your strengths, area for improvement and business opportunity to get more clients.

How frequent is the frequency to do an assessment. You would be doing your sales income and expenses on a monthly basis, to monitor you profit or loss in your small business transaction. For assessment, it is usually on a six-monthly duration. Why choose six-monthly. The period would give you a clear picture for you to diagnose your clients’ database, inventory that moves within 30 days, margin from the products and payments collection pattern.

What happen when you do not assess your current business situation. You would not be able to develop your action as well as your direction for your small business operations. Especially for small business, you need to be flexible and adaptable to market situation. The market situation takes a subtle ways as the consumers tastes would be influence through new products offer, new experience of food price change due to inflation or economic factor.
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Small business can be easily get started. You would be thinking of sustaining it and also enjoying it. You know you wanted to have this small business. The small business gives us the joy of flexibility in scheduling our time matching the client’s availability. But most important you and I know that we need to change our lifestyles and watch our finances.

Recent report shows that payment for internet purchase made faulty though with credit card. So online small businesses also face with reality of payment and cash managing.

You started the business in view of knowing the trade, having the passion to pursue our dream and enjoying the lifestyles that always wanted.
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Small business started off because we want

1. to more time to ourselves and flexible
2. to do what we enjoy or love to do
3. just do it when sees an business opportunity
4. to make more money

From these desires, we started our small business. The small business could be you are the owner as sole-proprietor or a partnership of two to three persons. You may wonder what the rate of success would be when we initiate the small business as of the motive mentioned.

1. to more time to ourselves and flexible: 33%
2. to do what we enjoy or love to do: 55%
3. just do it when sees an business opportunity: 45%
4. to make more money: 8%

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