Most of the businessmen failed
in business and become suffered from a huge unrecoverable loss. This article can
help those businessmen to run a safe business. I have focused on some deadly
mistakes made by new businessmen.
1. Mistake in managing:
While starting a business, management plays a primary role to raise the business
to boom. Poor management can ruin the business.
2. Deficiency in experience:
Many businesses failed because the owner or entrepreneur does not have enough
experience in that field. Most of the people who start business after a job
without having a suitable experience become fed up and left the business field
with a lot of debt in their pockets.
3. Terrible financial control:
Mostly businesses failed because they have very poor financial control like
managing cost, salaries etc.
4. Unsatisfactory marketing:
Now for running a business, only management and finance are not enough.
Marketing is a backbone of any business to introduce and build it.
5. Vague tactical plan:
Mostly businesses neglect strategic planning by saying that they do not have
time or business is too small for developing a strategic plan. However, the fact
is that without a proper strategic planning a business cannot get a way to go
on.
6. Inappropriate location:
Location must be appropriate and attractive to customers. Location must also be
reachable to buyers. Poor site results in the downfall of the business.
7. Pricing problems:
Price plays an important role in attracting the customer. A very high price or a
very low price with low quality is a most critical portion of the small
businessmen. Price must be stable and economical.
8. Out-of-control growth:
This one might be the depressing of all reasons for failure. A flourishing
business that is ruined by over-expansion.
Hope this article can help small businessmen for running a good business and
make it more profitable.