Small business owners depend on profits to keep their businesses running. However, like any adventure, operating these kinds of companies comes with its challenges. Fluctuating profits and losses are just some of the things you will face. With these problems, you must always find a way to turn your challenges to your advantage and profit from them. Increasing the profits for your business does not require drastic measures like raising the prices for your products or services or reducing the number of employees. Instead, you need to implement small changes and tweak a few areas of your business to give it a boost. Here are some tips for increasing profits in your small business.  

The coronavirus pandemic has indeed subjected many businesses to untold suffering and losses. If your business is struggling, now is not the time to give up. Instead, you should think of ways to remain afloat during these difficult moments. For a small business, there is a lot of pressure to perform after launch. This often leads to the failure of roughly 20% of small businesses. On the contrary, as many as 45% fail within their first five years. Following the outbreak of the COVID-19 pandemic in 2020, their chances of remaining afloat have become slimmer. As such, the number of bankruptcies has risen more than ever before, with Bloomberg's report showing that bankruptcies have increased by over 36%. While bankruptcies cannot be overstated, there are many ways for small business owners to safeguard against the folding over. Here are a few of them.

Change is something that does not excite many people. Yet, we must be embraced if organizations are to keep up with the changing times and marketplace. While many people talk more about the management of change, it is a topic that is easier said than done. It is a process that eludes many organizations. In some instances, failure to manage change has made some companies obsolete and kicked them out of the market altogether. So, how can leaders manage change successfully, considering people are not always excited about it? Here are the best pitfalls you should be careful about when managing change in your organization.