Common mistakes to avoid when managing a business

[Augusta]

Business management is the hardest thing to do after establishment and as such need a bit of caution. You should learn from the mistakes of renowned experts and avoid these common mistakes too. They are outlined below:

• Not having a business plan in place, you plan to fail
• Lack of marketing research, how would discover new trends
• Ignoring the competitors even when you are in a saturated market
• Ignoring your strengths and weaknesses, being a jack of all trade than employing capable hands
• Starting a money demanding business with very little money, making a success of it will be a struggle
• Reluctant to invest in real-time marketing, a business strive with effective marketing
• Not taking advantage of the digital technology available now

What are your thoughts?

 

[sincerem]

Not having a genuine and proper business plan, is what cost many entrepreneurs their business to fall. Such lack cutting edge, we need better plans, vision, to make long time success around our business. And we should always spot our flaws, weaknesses to make amends just as you've said dear.

 

[btaliat]

Just like you opined, the hardest stage of the business is the management stage. The mistake that managers make at this stage affect greatly the businesses. Some managers don't really take the opinions of their workers while making decisions while others don't know how to treat their workers well which can lead to failure of the business

 

[Augusta]

Not having a genuine and proper business plan, is what cost many entrepreneurs their business to fall. Such lack cutting edge, we need better plans, vision, to make long time success around our business. And we should always spot our flaws, weaknesses to make amends just as you've said dear.

Yeah this issue of knowing your weakness and where your strength lies is very important. When once this is acknowledged bringing in.the right people to fill the gap should be the next thing to do. Managing a business is really work and a good manager need to put in the work

 

[Makah]

Before ever starting a business you should have highlighted your goals and what you want to achieve from the business you wanna start
Have a nice business plan from the start
And having the right workers to assist you with things when you're not around the company and make sure you treat your workers well and never delay their pay whatsoever

 

[Good luck]

You must be mindful of people you do business with to avoid swindling.If you do business with the wrong person,you will live to regret your actions or the decision you have taken.Business grow when friends and relatives pay for services rendered to them.If you want to grow ,you don't jeopardize your business by doing father or mother Christmas with your good.

 

[sincerem]

Yeah this issue of knowing your weakness and where your strength lies is very important. When once this is acknowledged bringing in.the right people to fill the gap should be the next thing to do. Managing a business is really work and a good manager need to put in the work

That's just it dear. Its never easy managing a business to yield the expected turn over or point we want. If we realize our weaknesses on time, always strive for improvement with better plans set out. Surely we'll be on the right lane towards long time business success. Nothing is impossible to achieve, if we put hard work and work smartly.

 

[Augusta]

That's just it dear. Its never easy managing a business to yield the expected turn over or point we want. If we realize our weaknesses on time, always strive for improvement with better plans set out. Surely we'll be on the right lane towards long time business success. Nothing is impossible to achieve, if we put hard work and work smartly.

Your last line is apt working hard and smart is the watch words for any managerial position of a company. This position is about planning, controlling, coordinating and supervising. So it will need one employing good hands to help in executing the tasks effectively or else making things work will be difficult

 

[Augusta]

You must be mindful of people you do business with to avoid swindling.If you do business with the wrong person,you will live to regret your actions or the decision you have taken.Business grow when friends and relatives pay for services rendered to them.If you want to grow ,you don't jeopardize your business by doing father or mother Christmas with your good.

I think it even high time family and friends needs to even understand this that they didn't need to be told this. Everyone needs to understand this and give the manager work of having to reiterate this because they know already but just want to. Prove ignorance. Managing a business is hard enough already

 

[Wisdom01]

I think ignoring competition could actually be a mistake , because the said person needs to know the competing and wining product by conducting surveys , market research and have clue about the approach that he or she would use for developing the said product he or he is selling to consumer

 

[Setho]

I used to have a friend who started the hair selling business because she saw a lot of people going into it and they were making profit. She launched her own and she had a lot of problem eating seals. One very important aspect of business is that you should always research your prospects before making any investment or so ever.

 

[sincerem]

Your last line is apt working hard and smart is the watch words for any managerial position of a company. This position is about planning, controlling, coordinating and supervising. So it will need one employing good hands to help in executing the tasks effectively or else making things work will be difficult

You said it all dear. Eben as the entrepreneur strive for improvement via his or her business its never easy the way we talk about it. But all I know that, if one is well coordinated, controlling or managing the finance well, and have better plans for the business, I don't see reasons why the entrepreneur won't move up.

 

[Alexandoy]

The competition is one of the most important element because it is directly related to customers and sales therefore it boils down to the income. When you ignore the competition then it is like being the hare that ignored the turtle with its slow pace that sooner or later the turtle would win the race. If that happens then it is difficult to recover.

 

[Augusta]

I used to have a friend who started the hair selling business because she saw a lot of people going into it and they were making profit. She launched her own and she had a lot of problem eating seals. One very important aspect of business is that you should always research your prospects before making any investment or so ever.

This has killed a lot of businesses that was even to leave the ground. People need to know that what works for A might not necessarily work for you.. so it is better to do your own research and come up with a business that you can do without issues at all