Business is tough and rougher when income fluctuates and markets change and you wonder what you are doing wrong. It could be that:
1. YOU ARE NOT PRICING FOR PROFIT:
If your business isn’t making enough money, assess your prices and determine if you’re charging enough. You also have to add more value to your products and services to justify a price increase.
2. YOU’RE A SPENDTHRIFT OR YOU DON’T TRACK YOUR INCOME & EXPENSES PROPERLY:
Bookkeeping is the oxygen to your business hence you must track every expenses and income regularly. A responsible business owner does admin and organizational tasks as well, moreover your books shows your progress and spaces for improvement. You may be reinvesting in your business which is good but you have to watch the returns and if it isn’t providing any, ditch it NOW. Apps like Ledger will help you track.
3. YOUR PRODUCT IS NOT VIABLE OR YOU ARE NOT ATTRACTING THE RIGHT CUSTOMERS:
Your product isn’t viable because it’s expensive to make, or because no one actually wants to buy it. If your product is viable then you have the wrong customers, then change tactics!