Business mistakes are somewhat inevitable. Knowledge of what not to do can save countless hours and dollars. Dave Cheong recently posted a great knol outlining the 14 business mistakes to avoid. Although these mistakes are general, they apply to nearly every business.
1. Bad initial concept.
2. Inadequate planning.
3. Failure to do proper research.
4. Insufficient capital.
5. Poor cash management.
6. Lack of business domain specific knowledge.
7. Chasing any potential sale.
8. Late billing and collections.
9. Lack of focus.
10. Lack of internal control systems.
11. Hiring the wrong people.
12. Reliance on few suppliers or customers.
13. Not having enough perseverance and resilience.
14. Insufficient performance metrics.
Perhaps the two most important to this list are: bad initial concept and improper planning. Better to avoid a bad concept and poor planning than to get started, get down the road somewhere and realize you not only are in the wrong place, but that you shouldn’t have been there at all in the first place.
Finally, it’s much better to learn and apply the information gleaned from this article than to actually make the mistakes yourself. The latter would be much more painful and time consuming.
Image by rick.
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