Make a small specific to-do list to create goals. Failure to plan will damage business.
2. Poor Leadership
Remember that team work makes the dream work. Offer a product of service that is different.
3. Ignoring Customer Needs
Pay attention to customers’ needs, comments and suggestions.
4. Not Learning From Failure
Failure is the greatest teacher. At the very least, you know what not to do.
5. Poor Financial Management
Most businesses fail because business owners may have a great product or provide a great service but have no knowledge of how to run a business properly. It is imperative that you establish and maintain proper files and reports that track sale trends, expenses and net profit. Having adequate personnel for your finances is vital. Financial reports track your income, expenses, profits, and alerts the owner when to scale back on spending or investing in expansion. At EFL (Empowering for Longevity) Accounting Services, we provide and teach the skills needed for longevity and growth in your business venture.
6. Lack of Capital
Project and list all start-up costs.
7. Not Scaling
Stretch resources and minimize expenses.
8. Poor Location
Pick a location with lots of foot traffic.
9. Personal Use of Business Funds
Never use company funds as your personal piggy bank.
10. Failure to Advertise
Getting exposure through advertising & marketing is the key to success.