RUNNING YOUR OWN BUSINESS
- Running your own business effectively is as important as living your life purposefully.
- Running your business down is as painful as ruining your own life.
- The way the health of a man fails is the same way the wealth of a business falls.
- There are so many factors that hinder success in business if not checked and properly addressed.
FACTORS THAT CAN HINDER BUSINESS SUCCESS
- Poor Business Management
- Inadequate Business capital
- Lack of Technical Expertise
- Poor or No Record (See BOOK KEEPING FOR SMALL BUSINESSES)
- Cash Flow Challenges
- Accumulating excess loans,
- Unchecked excess bank charges,
- Multiple taxation
- Bad Business location
- Inadequate or total lack of planning
- Poor power supply
- Poor or No Marketing Strategy
- Inadequate or No Business skills
- Hiring of wrong staff
- Using same Bank Accounts for Business and Personal Use
- Overdrawn of Business Funds for Personal Use
- Lack of Vision and Mission Statement
- Loss of Reputations in terms of Settling Business Debts
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