As a small business owner, I get it. Every dollar we spend has to be calculated. We don’t have a lot of cash to spend so we learn to be as frugal and self-reliant as possible. With that said, I have learned that there is a big difference between being cheap and frugal, a difference that leads to success or failure in any size business.

ou would think that that the signs of a failing business would be obvious: lack of customers, dropping sales, cash flow issues…but these are all symptoms caused by a business that has already been failing for a very long time. What if there was a way to know if your business is failing long before the symptoms start showing up?

The idea behind a mission statement is a noble one. It is supposed to set the guidelines for product quality, customer service, and help cast a vision to build a corporate culture. But let’s be honest: who cares!

Most businesses start out because someone decided that they could make money doing what they love. The first few months, maybe even the first few years, are focused on doing what they do best. They are passionate, excited to go to work, 100% dedicated to their trade.