Presentation on theme: "Mistakes Not to Make Or Learning From Others. There are an abundant list of resources sharing examples of mistakes business make. These include Fortune,"— Presentation transcript:
Mistakes Not to Make Or Learning From Others
There are an abundant list of resources sharing examples of mistakes business make. These include Fortune, Wall Street Journal, Forbes, Inc. and the list goes on. There is a common thread… here is a list from the their “view from the top”.
Watch the following list. It can be broken into several categories. The most important is new versus existing business. Here size doesn’t matter.
Undercharging for the product or service provided Concentrating on one only one piece Extending credit too easily Thinking about taxes after the fact
Don’t have a plan of attack Don’t know how to hire AND keep good employees Don’t provide outstanding customer service
Economically dependent on a small group of customers Emotions get in the way of sound business decisions Fail to develop (personally) as a leader or manager
Trying to get rich quickly Assuming you have no competition Being all Business – all of the time Setting unrealistic financial goals
Having no rally point Cutting prices No clear marketing strategy Not being forthright
Trying to do it “all” Starting with a large loan Planning on making a profit right away Spending too much at first
Hiring employees not needed Renting space not needed Not knowing how to collect bills Not planning for cash flow problems
Choosing wrong ownership structure Getting into debt Not involving the family Starting for the wrong reasons