So many small businesses fail and when assessing some of the common problems I have decided that the easiest way to demonstrate this to you is by using the acronym F.A.I.L. to help you avoid the common pitfalls.
Failing to plan, I am a great believer of the saying ‘If you fail to plan you plan to fail’ this in the business world I so very apt. You really must have a business plan and also make plans for all developments in your businesses decisions taken on a whim either fail or if they work for you as you didn’t have a plan you really struggle to repeat your successes.
Arrogance that your right, When we start businesses or again make decisions for our business we are emotionally attached to the decision, after all we have developed the plan and decision and while working with the decision and belief that we are going to make it work are vital we also need to accept there comes a time when we have to say it was wrong and need to abort the plan before it bleeds too much money and failing to do this and having an arrogance that we know we are right and it just needs more time,then a bit more now a bit more money then a bit more will soon beat up our business and profits, if your wrong accept you are and make necessary changes.
Impatience to get going is a problem many of us face we want to execute our plans as soon as we can but you must stop and evaluate if we have planned it properly and have everything in place before we execute our plans if not wait, and get your plans in place first.
Lack of control in the business is a real drain on even a successful business especially if it starts to trade better than planned using another old saying ‘We try to run before we can walk’ a good week or month does not necessarily signify we should be expanding and making big decisions in our business, this is a good area when you must refer back to your plan and review what your plans were and assess if there is sufficient need and evidence that your business plan needs reviewing.