7 Small Business Mistakes To Avoid

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This slideshow presents some of the most common mistakes made by small businesses, and tips on how to avoid these.

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  • Introduce yourself and thank the Council for the opportunity to update them
  • Introduce yourself and thank the Council for the opportunity to update them
  • Introduce yourself and thank the Council for the opportunity to update them
  • Introduce yourself and thank the Council for the opportunity to update them
  • Introduce yourself and thank the Council for the opportunity to update them
  • Introduce yourself and thank the Council for the opportunity to update them
  • Introduce yourself and thank the Council for the opportunity to update them
  • Introduce yourself and thank the Council for the opportunity to update them
  • 7 Small Business Mistakes To Avoid

    1. 1. 7 Small Business Mistakes To Avoid
    2. 2. Lack of Business Planning <ul><li>What should you do? </li></ul><ul><li>Invest time, and effort in planning to </li></ul><ul><li>Design a money making model </li></ul><ul><li>Set specific, measurable, attainable, realistic and time-bound goals </li></ul><ul><li>Calculate accurately, the initial investment needed, and running costs </li></ul><ul><li>Assess labor and work-force needs </li></ul><ul><li>Sketch business emergency plan and exit strategy, and more... </li></ul>
    3. 3. Poor Market Research <ul><li>What should you do? </li></ul><ul><li>Take the time and spend the money it needs to research your market. It will help you understand different aspects about your target market such as </li></ul><ul><li>Market Trends </li></ul><ul><li>How your prospects buy the products you will sell </li></ul><ul><li>Where will you find your prospects & where do they shop </li></ul><ul><li>How you will reach your customers </li></ul><ul><li>Your competitors, and more... </li></ul>
    4. 4. Starting Business for Wrong Reasons <ul><li>What should you do? </li></ul><ul><li>Do some soul searching and find out if you'd really be happy running a business. Some reasons that make business a right thing for you include </li></ul><ul><li>A passion for what you would be doing </li></ul><ul><li>Good physical health and mental endurance </li></ul><ul><li>Perseverance, an ability to motivate yourself, bounce back from failures </li></ul><ul><li>Good people skills, and relationship skills </li></ul><ul><li>Self-confidence, discipline, a drive for 'being your own boss,' and more... </li></ul>
    5. 5. Bad Money Management <ul><li>What should you do? </li></ul><ul><li>Learn basic concepts of managing money. Make every penny count, you should know where you're spending and why. And don't underestimate your costs. Good money management will help you </li></ul><ul><li>To fairly & accurately determine your capital needs </li></ul><ul><li>Spend wisely on office infrastructure and supplies </li></ul><ul><li>Make good hiring, rewarding, and firing decisions </li></ul><ul><li>Better manage your daily cash spending </li></ul><ul><li>Better control your costs, and more... </li></ul>
    6. 6. Not Changing with Market & Customers' Needs <ul><li>What should you do? </li></ul><ul><li>You should track changing customer needs by listening to customers, tracking competitors, asking customers about their wants. And monitoring the business environment to </li></ul><ul><li>Stay abreast of any new competing or substitute products </li></ul><ul><li>Learn about technological innovations and advances </li></ul><ul><li>Get new product ideas </li></ul><ul><li>Keep a tab on laws and regulations governing your business </li></ul><ul><li>Prepare a better marketing plan, and more... </li></ul>
    7. 7. Doing Everything by Yourself <ul><li>What should you do? </li></ul><ul><li>Even if you're the sole manager, try to do just the essential things by yourself. Consider outsourcing some administrative tasks. Delegating will </li></ul><ul><li>Leave you with more time for long-term planning </li></ul><ul><li>Give you more time for performing crucial business activities </li></ul><ul><li>Give you time to spend with your family and friends, and more... </li></ul>
    8. 8. Ignoring Yourself and Your Family! <ul><li>What should you do? </li></ul><ul><li>Make sure you don't become so engrossed in your work so much so that it strains your close relationships such as with your spouse, or leads to unhealthy lifestyles. As a result you should. </li></ul><ul><li>Make time for your friends & family </li></ul><ul><li>Eat well, relax enough and exercise </li></ul><ul><li>Take a weekend or a couple of days off to recharge your batteries, and more... </li></ul>
    9. 9. THANK YOU! Make your small business a success story. Visit : www.indiamart.com

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