It is a well-known fact that small businesses are the backbone of this country. They not only create jobs but also help to build communities. However, many entrepreneurs have difficulty making their businesses thrive and survive in such a competitive economic environment.

Here are 5 ways to make your business thrive:

1) Improve cash flow by paying invoices on time;

2) Create an emergency fund;

3) Ask for referrals from happy customers;

4) Offer customer incentives like discounts or freebies;

5) Take advantage of social media sites like Facebook and Twitter to connect with current and potential clients.