Thursday, May 31, 2012

Ten Mistakes That Can Affect Your Business Success


1. Financial problems - If you have not set up your business with the proper procedures and backing, you will soon find that you are out of business. You need to have a Business Plan and the financial support that will allow your business time to grow in the start-up phase.

2. Relational - Many people surround themselves with people who drain their time and energy. If you have a business partner who is not working on the same goals as you are, it won't be long until the business will suffer.
3. Personal - Dishonesty, old negative patterns, untreated mental or physical ailments, family demands or hidden "secrets" can all interfere with your business success.
4. Addictions - When people have an addiction, it take priority over everything. In fact, alcohol or drugs can become a "first love" that steals reasoning and resources not only at a personal level but also from a business endeavor.
5. Incompetence/Inexperience - When you do not know what you are doing, mistakes can occur frequently. Your time and reputation will likely suffer as you try to clean up the mess!
6. Poor self-care - People who are tired, under nourished or ill are not able to reach their potential. As a result, everyone, including that person, the rest of the staff and the client suffer.
7. Lack of Focus - Many businesses fail because time and energy are invested in the wrong things. You need to know where to invest your attention so that you have good revenue and an acceptable bottom line.
8. Poor Service - Clients come to you in order to have their needs met. If this doesn't happen, they will not only look elsewhere for services but also spread the word that your business is not very helpful.
9. Inflexibility - You need to be able to adjust your ideas in order to improve the business. Stubbornness without consideration of options will kill a business in a world that welcomes change and new ways of doing things.
10. Other Psychological Factors - World trends and economic times can have a strong impact on how a business will do. If you are not motivated or able to handle stress, you will likely soon find that running a business can be an overwhelming adventure.

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