Are you aware that approximately fifty percent of new businesses fail in the first five years for reasons that can frequently be prevented? So how do you ensure your company survives and thrives? Here are a few basic pointers Taylor Accounting Group suggests to all their clients:

Pay attention to your customers, whether they come to your store, your office or clinic, or you only communicate electronically. In order to stay vital and vibrant, owners must build relationships with people while keeping their finger on the pulse of their business needs. Listen to your customers and the community around you. Businesses who rely on their laurels, or how many years they’ve been around, can forget to stay up-to-date. A new company or business will come along who is more effective & efficient, and you can bet you will lose customers, unless you chose to adapt as the needs of your customers change and grow. Our world—locally and globally—is stretched thin financially. Customers want to be loyal, but if you give them no reason to stay, they will take their valuable resources—and their money—elsewhere.

Prepare for the worst, expect the best. We learned this lesson in a personal and tragic way, but it expanded our thinking to all aspects of our lives, and we are better for it in the long run. Are you ready for drastic change in the life of your business? In your personal life, which in turn will affect your business? Contingency plans set in place now will take the panic out of situations down the road. And remember: hold on to the joy and success you have earned by staying in business thus far. Your positive attitude and passion will rub off on your business and employees.

Plan, plan, plan. As important as the old business saying is that “location, location, location” is everything, so is a business plan. Do you have enough in savings for at least three years of expenses if you are just getting your business off the ground? Can you cover your employees’ payroll for six months? Are you educating yourself and your employees to stay on top of your specific industry? Can you look at your financial statements and know exactly where your money is going? Ask the tough questions and be prepared with solid, well-thought out answers.