Common mistakes to avoid in business

[Mikky]

You got my point perfectly well, there are certain times where these new services might actually be compatible with the old ones but they do not have the experience or man power to handle both at that very moment, they end up loosing all.

Yeah, many business owners are just too eager to understand what is needed to have an extra services I business.

 

[Springtime]

Some companies tend to expand too quickly. Proper market research and financial planning are required before expansion.

 

[cherry123]

Some companies need to apply patience when it comes to their business growth so that they can do better

 

[nomad]

One of the common mistakes people do in a business is that they are in such a hurry that they start a business without enough back up plan.

 

[gammarays]

One of the common mistakes people do in a business is that they are in such a hurry that they start a business without enough back up plan.

Yes, most businesses are in a rush to make profit at the expense of customer satisfaction. New businesses should focus on customers first then profit will come.

 

[nomad]

Yes, most businesses are in a rush to make profit at the expense of customer satisfaction. New businesses should focus on customers first then profit will come.

New businesses should focus on two things, one, building a great product, and two, building loyal customers.

 

[gammarays]

New businesses should focus on two things, one, building a great product, and two, building loyal customers.

Yes you're right. However most of them focus on profit at the expense of quality products and customers. They do everything to cut corners just for the money.

 

[freelancermaria]

Everybody has both good and bad qualities. However, there are times when our advantages or disadvantages don't work well with the company strategy we want to employ, which can have terrible effects. For instance, retail is probably not a good fit if you're not a sociable, and so on.

 

[nomad]

Yes you're right. However most of them focus on profit at the expense of quality products and customers. They do everything to cut corners just for the money.

If the company does not offer quality product, the customers will go else where.

 

[gammarays]

If the company does not offer quality product, the customers will go else where.

In capitalist countries, customers don't necessarily buy stuffs because of quality. Most buy because it's cheap even if it'll spoil the next week.

 

[Golden9]

One mistake people make in a new business is underestimating the importance of their staff. Some employers treat staff poorly which can cause the business to crash fast.

 

[cherry123]

One of the common mistakes people do in a business is that they are in such a hurry that they start a business without enough back up plan.

Yeah business needs one to have a bsvkup to be able to have a support system when need be.

 

[Reedex]

Having a very bad customer service representative would be a costly mistake that could bring the business down very quickly.

 

[Suba]

Many common mistakes that are often made by business people are over production while sales are declining, rude to customers, mistakes in determining the target market, setting prices too high etc.

 

[cherry123]

Having a very bad customer service representative would be a costly mistake that could bring the business down very quickly.

A bad customer will definitely kill a business. This is what business owners should know and take precautions.

 

[SHAHID987]

Failing to properly plan and set goals
Not understanding or underestimating the competition
Not identifying and targeting the right customer base
Failing to properly manage finances and cash flow
Not having a clear and effective marketing strategy
Not keeping accurate financial records and failing to track key performance indicators
Not having a strong, dedicated team in place

 

[cherry123]

Failing to properly plan and set goals
Not understanding or underestimating the competition
Not identifying and targeting the right customer base
Failing to properly manage finances and cash flow
Not having a clear and effective marketing strategy
Not keeping accurate financial records and failing to track key performance indicators
Not having a strong, dedicated team in place

You have listed them so many mistake can cause customers to leave a business because of the owners failures or mistakes

 

[uptrendfinancialsignal]

It is very important to ensure that you have a good business managerial skills in order to achieve success.

 

[Niyi Briggs]

One of the common mistakes people make in business is using their families and close friends as their staff. Those ones think they know you so well and can easily misbehave.

 

[olaniyi]

And another mistake is to sell market out too much on dedit because one may finally lose two things which is the money and the customer because he won't try to avoid your side once he doesn't have the initial payment