You’ve built a business. It’s going really well. You’re making a ton of money, so you start to back off, right? Wrong. That’s the first step in failing at a business. Want to know what else you could be doing that will lead your business to its doom?
Table of Contents
Not Doing Market Research
Most entrepreneurs do a ton of research when they first start their business. They want to know who wants their services and products, and what they will have to do to attract them. Once this information is gathered, the marketing can start to bring in customers. Once customers start rolling in, many believe their market research is done. This is such a devastating mistake. Markets change over time and some quickly. Without continued research of your target market, you may start to lose them because they change, and you’re left targeting no one.
Using Up Business Funds
You’ll just use a couple of hundred dollars from your business account to buy a gift for your spouse. It won’t hurt. After several dips in the business account, you’re left without enough to run your business.
Business funds are business funds. Keep it that way, so you don’t lose control and use it up on non-business related items.
Don’t Keep Accurate Records
Spending more money in your business than you’re bringing in will lead to bankruptcy. You may think you have more than enough, but that money can go quickly when you’re not paying close attention.
The only way to make sure you don’t spend more than your business has is to keep track of incoming and outgoing funds. It’s always wise to have a financial cushion too. This will help you in emergencies.
Not Having a Plan
Without a plan, many people are sidetracked with many other business opportunities. The next they know they are well away from their goal, and they don’t know how to get back on track.
The best way to achieve your business goals is to have a plan. Knowing what you have to do to achieve your goals will keep you working towards them, and keep you from being sidetracked.
Turning a Blind Eye to Competition
Competition can be fierce. Some will do whatever it takes to attract your customers. Having faith in your customers isn’t enough to keep them.
You must pay attention to your competition. When you see them coming with their tactics to take your customers, come back with something even better to keep your customers. It’s like a game, and if you play it right, you’ll win.
Ruining Your Reputation
You may not care what other people think of you, but it really does matter what people think about you when you’re running a business. When you treat people poorly, they will end up treating you poorly. They won’t buy from you, and they won’t recommend you to friends and family.
Treat customers well, so they will want to buy from you and tell everyone how great you are as a businessperson. The happier your customers are, the happier you’ll be when your business is growing because of your star reputation.
You Have a Choice to Fail or Succeed
You can fail at your business by following all of the points mentioned here, or you can succeed by not doing them. The choice is yours…
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About Carson Derrow
