The task of running a successful business is huge. Here at Central Business Services, Sileby we are passionate about helping your local business be as successful as possible.
Setting up and running your own business isn’t easy. Many mistakes are made and sadly alot of small businesses do fail quite quickly.
Whether you are an existing business or looking to start out in 2018, our friendly team are on hand to advise and help limit the number of mistakes made.
Today we take a quick look at 10 common mistakes which can lead to small business failure so you can make sure this isn’t you…
Avoid the following pitfalls for your small business
1. Inadequate business planning – not taking the time to think about the future and planning for challenges can be costly in the long run.
2. Ineffective marketing – customers can’t choose your business if they don’t know you are there!
3. Failing to keep track of finances – paying strict attention to what is coming in and going out is an essential aspect of running your business.
4. Under funding – underestimating the capital required to fund your start up and reserves needed for unexpected costs can see you stopping before you’ve even started.
5. Rapid expansion – expanding too quickly can be disastrous. Setting realistic goals will ensure your growth is stable and solid.
6. Underestimating the competition – being aware of your competition and staying one step ahead of them is essential for attracting and retaining customers.
7. Failing to change with the times – being able to adapt and act on new opportunities is crucial for business growth.
8. Poor management – will affect every aspect of your business. Be strong and confident with your leadership decisions and treat your employees well.
10. Poor customer service – attracting a new customer is one thing but securing their loyalty is another. Pay attention to your customers’ needs and ensure you are responsive to them.
So, whether you are a new business start-up or an established business, our dedicated and experienced team can sit down with you and offer friendly, straight forward advice. From your planning stages through to growth plans and dealing with everyday compliance issues.
Our aim is to help your business grow and succeed!
Get in touch today to tell us more about your situation and we will find the best solution for your needs.