First, they don't know how to correctly set an
effective price, and second they think they need to have
the lowest price in order to get business. Both
circumstances result in low
profits and poor
They Concentrate Exclusively
On Sales. Running and operating a
requires vital and basic
business skills covering a wide range of areas. To
succeed in business you must focus on your WHOLE business,
not just parts of it.
They Extend Credit Too Easily.
If selling on credit, be sure to perform credit checks on
your customers. Also, make sure your customers
completely understand and agree to your payment terms BEFORE
doing business with them.
They Think About Taxes After
The Year Is Over.
If you're serious about saving money on taxes, learn to
consider tax ramifications BEFORE you act. Planning is the
key to reducing the amount of taxes you pay each year.
They Don't Have A Plan Of
Attack. "If you
plan, you plan to fail." If you don't have some idea
of the overall picture or end result, your efforts will be
average at best.
They Don't Know How To Hire
And Keep Good Employees.
hiring an employee, think real hard about whom it is
that you're actually hiring. An employee's lifestyle is
definitely going to affect their
performance on the job. If
you want to keep good employees, be sure you have a system
in place that
rewards their efforts.
They Don't Provide Outstanding
If you want to
build a highly successful business, make sure
customer service is "beyond industry standards".
They're Economically Dependent
On A Small Group Of Customers.
Relying on a small group of customers should be avoided.
Many business owners did just that and paid the price for it
when the customers stopped doing business with them.
They Let Emotions Get In The
Way Of Sound Business Decisions.
Some people get consumed with their emotions and make
business decisions for the wrong reasons. To
decisions, make sure you rely on the facts and sound
They Fail To Develop As
Many business owners limit the amount of success
they attain by failing to continue
business owners never quit learning about their business.
8 Key Entrepreneurial Questions
Estee Lauder's 15
10 Small Business Deadly Mistakes
12 Reasons Why Companies Fail
Which Types of Business Fail Most Often
The First Few Steps In the Right Direction
Business Success 360
7 Routes To High Profits