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Entrepreneurs – Critical Mistakes That Will Damage Your Business
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Article Overview: You’ve decided to start a new business, or you already have a business and you are making it through the recession. So what are the mistakes that are likely to severely damage your business?
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Entrepreneurs – Critical Mistakes That Will Damage Your Business
You’ve decided to start a new business, or you already have a
business and you are making it through the recession. So what are the mistakes that are likely to
severely damage your business?
Cash flow: With the lack of loans and bank overdrafts it
is important to chase your debtors and pay only when you have to. Renegotiate your payment terms, your lease
payments and your overdraft facilities and only spend on what will bring in
revenue.
Not Marketing Enough:
Now is not the time to give up on your marketing, but now is the time to make
every piece of marketing work for you.
Split test and check the responsiveness of each piece and each
advert. Look after your list and market
to them.
Not Saying No Enough:
As money becomes tight, you need to learn to say no to advertising that does
not work. No to staff who are spending
too much. No to any expenses that are
not necessary. You get the idea.
Chasing Non
Profitable Work: When the going gets tough, it is tempting to chase any
work that comes along. You still have to
be choosy. Undertaking work that is not profitable is business suicide. Similarly working at projects that are of a
low grade or worse, slightly illegal, will send messages to your customers that
you are not a quality company.
Woolworths in the UK did just this – it used to be renowned for low
cost, quality items and was the place to find everything you needed. Gradually over the years it’s ranges lessened
and it’s quality went down. This great
bastion of British culture, with branches in most major towns, went bankrupt
this year!
Keeping Too Many Products:
Go through your products and work out which ones sell and which don’t. Clear out in a sale, those heavy stocks and
stop producing those that don’t sell so well.
Stocks are dead money and cost to store, so clear out as much as
possible.
Good luck.
Lesson #1: “If you get knocked down, get back up again”
Major Crisis don't just happen!
Eliminating the Fear of Failure
Skilled Entrepreneurs
Make No Mistake, We Should Make More
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Related Forum Posts
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Elevator Pitch in 10 Words
- "Winning Business Design For Aspiring Entrepreneurs Based On Their Idea"
A ton of Great Women
- You might want to profile Teresa Cascioli of LakePort Brewery. She has an amazing story! I met her at at the celebratory luncheon for the Profit/Chatelaine Top 100 Women Business Owners. The Top 100 list is also a great resource for inspirational stories of Women Entrepreneurs.
Re: Hello EvanCarmichaelers, and Thanks!
- "Carmichaelers" ..nice.. Over at the Young Entrepreneurs I'm going to start calling my readers "DSilvelers" - I like the sound of that!
Welcome on board theFranchiseMarket. Do you run a Franchise Business or are involved in Franchising in anyway?
CEOs and Email - Slaves?
- I wonder if the emails they are responding to are filtered thru their assistants first 'cos they seem to spend a lot of their off hours responding to them.
True they are successful but I'm not sure I'd be willing to pay that price.
I'd be interested to know what's the in the typical day planner of Entrepreneurs on the Forum.
Entrepreneurs are a different breed than Paid Employees- so it would be interesting to view the contrast.
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