subject: Seven Pitfalls To Avoid In Business [print this page] Seven Pitfalls To Avoid In Business Seven Pitfalls To Avoid In Business
Are you just starting out in business or struggling to maintain your company's early success? There are a number of pitfalls business must avoid in order to progress.
1. Don't fall short. You need to make sure you have a thorough knowledge of the industry you work in. If there are gaps in what you know, fill them as soon as possible. Otherwise your competitors will find them easier to exploit.
2. Don't ignore the skills you lack. Chances are, you won't be able to do everything by yourself, so make sure any partners you work with or employees you hire have strengths that complement yours.
3. Don't do it for the wrong reasons. Many firms fall down on the grounds that their founder(s) launched it for lifestyle reasons rather than an obvious gap in the market they felt they could fill. Having a genuine passion for the industry and plenty of belief in what you contribute are good ideas, wanting a better work/life balance is not.
4. Don't ignore cash flow. Several organisations find themselves in difficulty because they've failed to acknowledge the importance of having good cash flow. If the problem has escalated, then you may want to consider how factoring and invoice factoring can help.
5. Don't be a soft touch. Every business needs its leaders and you need to be the boss. You're the employer for a reason, so make sure you are the one steering the ship. However, that doesn't mean you shouldn't trust good employees and delegate responsibility accordingly.
6. Don't get the location wrong. For many businesses, location could have a major impact on the success it achieves. As such, it's a decision that shouldn't be taken lightly. And even if location doesn't immediately strike you as a priority, it's still worth thinking about carefully, as it could be more important that you realise.
7. Don't stop improving. One of the most common pitfalls businesses fall into is of standing still and expecting the market to do the same. Chances are, your industry is changing all the time and you need to stay ahead of the curve to survive and grow.
If you need to take evasive action on cash flow problems, then it may be worth discovering more about how invoice discounting and factoring could help you.
