8 Things To Avoid To Escape Business Failure

Lack of
experience 
Lack of experience is one of the causes of business failure.
If you are inexperienced or your management is made up of novices, then your
business is likely to fail. When starting a new business, it is advised you get
the services of people experienced in that field.

No
accountability 
Some people throw accountability into the dustbin because
they own the business, Hence, there is no difference between their personal
money and business money. They simply spend. You must be accountable for any
kobo your business spend and makes.

Poor location 
You cannot
start a business where the service is not needed. Making it classy will not make
people patronise you. A good market survey is required before a business
location is chosen.

Failure to understand your market and
customers 
It’s important that you understand your market and customers
buying habits. Answering questions about who your customers are and how much
they are willing to spend.

Overdependence on a single
customer 
If your biggest customer walked out the door and never
returned, your organisation or business may be done for. Hence, do not rely on a
single customer. Try as much as possible to diversify your customer
base.

Copying others 
What worked for Mr A may not work for Mr
B. Many people have gone into business or made a business choice because they
see others doing it and think they can be successful in it if they try. It is
good you add your own idea after proper consultation, that will make you
different.

Quitting too soon 
Giving up too early is the
biggest reason why many businesses fail. If you do not persist, research, fail
and try and try again, you might not be successful in
business.

Inadequate financing 
A business will definitely fail
if there is no cash flow. Your business needs a steady cash flow to take it
through its day to day running.