Weekly, monthly and yearly new businesses are established. Unfortunately, many of these new businesses also fold up in little time. The reason cannot be far-fetched from the Top 9 Disastrous Mistakes Business People Make. Many new businesses fall into these same mistakes year in year out. You don’t have to do same.
For you to be reading the Top 9 Disastrous Mistakes Business People Make is a clear indication you don’t want to make the same mistakes. I am here to point out these mistakes and I believe you will be well positioned to grow your business if you avoid these mistakes. It does not take rocket science to understand what I am to share with you now.
Top 9 Disastrous Mistakes Business People Make
- Lack of Preparation: Business is not what one can just go into without adequate plan and preparation. Before you go into business, you must know what it takes to succeed and give it to the business. You must be prepared financially, mentally, socially as well as physically. These would put you in good stead when the business is not moving as planned.
- Lack of Business Plan: A business plan is a very important business document. Business plan gives the direction, focus, mission and vision of a business. Without a business plan, a businessman works and walks without direction.
- Poor Location: This is a no-brainer. A business located where its products are not needed is already dead-on-arrival. Poor location is a business killer. Before you establish a business, seek to know the need of such environment before you start-up.
- Hiring the Wrong People: This can kill your business even before it starts. Hiring the wrong hands in your business is counter-productive. Every businessman must ensure he hires people with the right skill set to carry out the needed task. The businessman must seek out not just the professional and technical qualifications, but also the character trait needed to drive the business.
- Lack of Focus: For a business to grow, it needs total commitment and focus. No business grows itself. Rather, it requires the committed and undivided attention and time of the business owner. Giving time and attention to your business makes you know when anything is about to go wrong and preps you up for action.
- Not Understanding Your Industry: No business exists outsides an industry. It could be information/communication, services, banking, petroleum, education etc. Whatever industry your industry is established in, you must be able to understand what it takes to excel in it. Understanding the industry can reposition your business to greater heights. Failure to come to grasp with this, leave you behind the competition.
- Lack of Customer Focus: The customer is king to every business. It is the customers who have needs that your business intends to meet. Listening to them and meeting their needs keeps you in business. When you ignore your customers’ needs and desires, they would obviously seek out alternatives. And, you are out of business.
- Impatience: All businesses take time to grow. It thus, requires patience. It can take up to 2-3 years for a businessman to start reaping benefits from the business. Before this time comes, the businessman must be patient enough to go through the processes without quitting.
- Wrong Advice: Business people are faced with barrage of advice from experts and non-business experts. Often, the businessman lacks the capacity to separate one good advice from the wrong one. Often, the multitude of advice makes it difficult for the businessman to make a decision.
Having identified the Top 9 Disastrous Mistakes Business People Make, it is important that you seek ways to avoid them. Learn from the mistakes of others and move your way to business excellence. Drop your comments and questions below. Thank you for visiting.