Whether you are a business owner, or someone willing to create a long-term successful-profitable-sustainable company, you can find ways to do it and to make it crisis-proof. However not knowing what to avoid can lead to a total failure or at least “help “ you lose money. If it is your goal, just follow the 10 steps listed below, and the results are pretty much guaranteed…
We both know that if you are reading this, you are already success-focused.
If you want to have a home for years, don’t build it on sand.
When you know what to avoid, while creating a company, you are far closer to building a business that will stay and profit, retain customers… and help you create the lifestyle you have always dreamed of.
How have I created this list? I am not a million dollar business owner yet. I would not teach or mentor you…without my own successful experience. However, among my close or distant friends are people who have far surpassed that financial line. Their companies are global, and growing. Their experience has been gathered over the decades of entrepreneurship and corporation-related work. I am sharing the secrets of the multimillion dollar business minds like James Schramko, an Australian businessman.
So pay attention.
O.K., here they are.
Ten reasons of business failures:
- Not paying attention to the tax issues. Creating a business without this element is like having a dinner served on a table with three legs, when the fourth is missing. It can cause your company to fail fast and take you with it.
- Not taking care about the payments properly. Have the proof on paper, make sure that you pay on time and the right amount. (*read the example below this list)
- Being a one-man show. Person trying to do everything by him or herself. When you have no money but lots of time, it may be an option, but when the income starts coming in, outsource the tasks you are not an expert at. If you keep doing everything, you are also sweating the details, while the big thinking is left behind.
- Acting like a loser. Not completing the tasks and starting new ones. Working on to many issues at one time. “Too many” means more than one.
- Having no system or strategy. Doing the same things again and again. This may be well visualized as trying to invent the wheel.
- Not setting up your brand name that people will remember. Not choosing a name that corresponds with what the business is about.
- Creating a business that can be emulated easily. Can your business be copied?
- Borrowing money or taking in funding. There are quite many people out there ready to invest in a great idea… yet when you let them in, you also welcome their control. They can shut your company down at any moment, or steer it into a different direction that you would like to, change it completely or even remove you from the company. (Think about what happened to Steve Jobs, or Gurbaksh Chahal)
- Not understanding the assets and liabilities.
- Not concentrating on marketing your product or ideas. “World is full of great products that nobody has ever heard of”… says Keith Cunningham.
and the critical one
- Lack of sense of direction. Not knowing the purpose of your business, your WHY.
Till the next time