Friday, 21 December 2012

Common pitfalls to avoid

Research has indicated that there are some common reasons for businesses failing. It is important that you are aware of the common reasons for business failure, which primarily impacts on your cash position, so you can plan to avoid these.

  • Not enough capital
  • Growing too fast
  • Hiring the wrong people
  • Lack of experience
  • Too few customers
  • Setting prices too low
  • Poor financial controls
  • Bad debts
  • Poor control of your overheads
  • Competition
  • Poor communication with staff 
  • Health issues of the key people
  • Bad management & Poor supervision
  • Poor communication with suppliers
  • Poor communication with customers
  • Bad luck
  • Poor planning
We cover these areas in more detail on our dvd.

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