3 Big Mistakes that result in Business Failure

3 Big Mistakes that result in Business Failure

If you are self-employed or you are responsible for running a Business then you will be only too aware of the sheer weight of responsibility that lies squarely on your shoulders on a daily basis

When running a Business it is exceptionally easy to get caught up in performing the day to day tasks that need to be carried out and as a result to lose sight of the bigger picture. Sadly for many, day to day distractions or a complete inability to see the bigger picture lead to the failure of the Business itself and subsequently financial failure for all concerned

In this article we take a quick look at the 3 big mistakes that lead to financial failure in Businesses and examine how you could look to avoid them

Mistake 1: Ignoring your customers

Put simply without your customers you don't have a business. Given the fundamental importance your customers play in the success of your Business, are you certain you truly understand what they really want?

If there is even the smallest question mark somewhere in the back of your mind about what your customers want, it is time to make finding the answer a priority. How will you find these answers?

Ask your customers and never stop asking.

Mistake 2: Cash Flow

Most Businesses do not fail due to a lack of profitability, but rather due to cash flow. If your cash flow isn't good then quite simply sooner or later your Business will fail. To improve your cash flow you need to understand the demand for each of the products you sell. Avoid carrying stock before you need it whenever possible, make sending invoices and chasing outstanding payments from customers a priority and consider offering discounts to those customers who pay early or on time.

Mistake 3: Standing Still

If you are not improving your profits year after year then it could be a sign that your Business is standing still and as soon as that happens, trouble will not be far behind. You must make time to stand back and think about the short, medium and long term strategies you have for ensuring your Business goes from strength to strength

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